07:34 AM EST, 01/22/2025 (MT Newswires) -- Big Rock Brewery ( BRBMF ) said late on Tuesday that it raised $8.4 million in a private placement and completed a debt settlement agreement with VN Capital Fund I.

Big Rock said the private placement and the debt settlement allow the company to address its significant working capital deficiency, settle all amounts owing under the second lien facility, and provide operating capital to allow Big Rock to continue as a going concern.

"We are grateful and appreciative of the overwhelming support that we have received, from our current shareholders such as VN Capital and the McNally family, our senior leadership team and our new shareholders," said David Kinder, Big Rock's president and CEO.

The company's share price fell 16% on Tuesday to $1.01 on the TSX.