date:Apr 15, 2013
Crumbs Bake Shop has executed a binding term sheet relating to a pending sale of not less than $10 million aggregate principal amount of its senior unsecured convertible promissory notes to accredited investors, the company said April 11. Crumbs intends to use the net proceeds of the transaction to fund its store growth and real estate strategies as well as for working capital.
Crumbs entered into the binding term sheet with Michael Serruya, co-founder and co-owner of Yogen Frz, Markham, Ont.,