Grill Concepts Inc. said it has raised $14.1 million, before deductions for fees and expenses, through a private offering of common stock and warrants to institutional and other investors.

The majority of the proceeds of the offering announced Friday 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. Chief Executive Philip Gay said in a statement.

“The offering strengthens our balance sheet and also allows us to continue executing our previously announced growth program,” Gay said. The Los Angeles-based company, which operates 47 restaurants, recently signed leases and a management agreement for new Daily Grill restaurants in Fresno, Austin, North Dallas, Phoenix, Boston and Tulsa. It expects to open at least four restaurants this year.

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 per share. The warrants allow holders to purchase 735,000 additional shares of common stock and are exercisable for a period of five years at $8.05 per share, representing a 15 percent premium over $7 per share as priced on July 2.

Investment bankers Oppenheimer & Co. and Roth Capital Partners advised the company on the transaction.