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Granite City Eyes 18 More Restaurants

ST. LOUIS PARK, MN-The company recently closed out a $8.5 million private stock offering that generated an additional $6.6 million in proceeds. Granite City had previously completed the initial closing of this private placement, yielding gross proceeds of about $1.9 million, in September.

By Jim McCartney | Updated on November 08, 2004

ST. LOUIS PARK, MN-After closing out its $8.5-million private stock offering, adding an additional $6.6 million to its war chest from the $1.9 million it got in September, Granite City Food & Brewery will proceed with expansion plans for the next three years that could triple its size. The restaurant chain plans to add 18 casual dining restaurants over that period and will grow in additional markets.

The net proceeds of the financing will be used as working capital to fund expansion of Granite City’s eight-store restaurant chain beginning with sites in Kansas City, KS and Wichita, KS, and Omaha, NE. Granite City has said it plans to add four restaurants next year, six restaurants in 2006 and eight restaurants in 2007. The projected average revenue per unit based on current operating results of $4 to $4.2 million, and projected average income per unit from restaurant operations of 16% to 18% of revenue.

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