(Minneapolis, MN) – According to a press release…

Granite City Food & Brewery Ltd. (NASDAQ: GCFB) today announced that it has entered into a stock purchase agreement with Concept Development Partners LLC (CDP), its controlling shareholder, pursuant to which CDP will invest an additional $6.5 million in Granite City in exchange for 3,125,000 shares of Granite City’s common stock. The transaction is expected to close on or before June 26, 2012.

The stock price was down 1% to $2.08 as of 11:15am EST on Monday morning. Stock value hit an all-time high of $38.52 on April 20, 2007, and has traded as low as $1.80 over the past year.

With more than two dozen beer-making brewpubs, the company brewed just over 18,000 barrels of beer last year, per the Brewers Association.