By Sheri Kasprzak
New York, Aug. 2 - Boo Koo Beverages, Inc. settled a private placement of stock for $7,503,114.
The company sold 6,252,595 shares at $1.20 each.
The investors have the option to buy up to $5 million in additional shares at the same price for 45 days from the closing date.
Connected to the offering, one of the company's shareholders agreed to convert $875,000 in principal plus interest in common shares at $1.20 each on the 30th day after the financing closes.
Roth Capital Partners, LLC and Aspen Equity Partner, LLC were the placement agents.
Proceeds will be used for marketing support, debt repayment, working capital and general corporate purposes.
The offering was conducted as part of Boo Koo's merger with Captech Financial Group. Following the merger, Boo Koo will change its name to Boo Koo Holdings, Inc. and will trade on the Over-the-Counter Bulletin Board under the Captech Financial Group, Inc. name under the symbol CPFG.
In the merger, Captech issued 24,711,070 of its common shares in exchange for all of the outstanding common shares of Boo Koo.
Located in Addison, Texas, Boo Koo develops and distributes a line of energy drinks.
| Issuer: | Boo Koo Beverages, Inc.
|
| Issue: | Stock
|
| Amount: | $7,503,114
|
| Shares: | 6,252,595
|
| Price: | $1.20
|
| Option: | For up to $5 million in additional shares for up to 45 days after closing
|
| Warrants: | No
|
| Placement agents: | Roth Capital Partners, LLC and Aspen Equity Partners, LLC
|
| Settlement date: | Aug. 2
|
| Stock symbol: | OTCBB: CPFG
|
| Stock price: | $2.00 at close Aug. 1
|
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