Grill Concepts Raises $14.1 Million in Private Offering

Grill Concepts, Inc. said today it raised $14.1 million through a private offering of common stock and warrants to institutional and other investors.

Philip Gay, president and chief executive officer of Grill Concepts, said the majority of the proceeds of the offering will be used to fund an accelerated restaurant expansion program, as well as to pay down debt, including the recent buy out of Hotel Restaurant Properties, and for general working capital purposes.

The accelerated expansion program includes a location in the Crown Plaza Hotel in downtown Tulsa.

In the offering, two million Grill Concepts shares were sold by the company and 100,000 shares by Robert Spivak, co-founder and former chief executive officer, at $7.00 per share.

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