By Sheri Kasprzak
New York, June 29 - Brooke Corp. completed a $20.25 million private placement.
The company sold 1.5 million shares at $13.50 each to a group of institutional investors led by Jayhawk Institutional Partners, LP, a fund managed by Jayhawk Capital Management, LLC.
The investors received warrants for 750,000 shares, exercisable at $16.20 each for 60 months.
Oppenheimer & Co. was the placement agent.
Proceeds will be used for the repayment of short-term debt incurred to expand the company's business activities, including the acquisition of an auto insurance company that sells insurance through Brooke's insurance agency network.
Based in Overland Park, Kan., Brooke is a holding company for insurance and banking services distribution companies.
| Issuer: | Brooke Corp.
|
| Issue: | Stock
|
| Amount: | $20.25 million
|
| Shares: | 1.5 million
|
| Price: | $13.50
|
| Warrants: | For 750,000 shares
|
| Warrant expiration: | 60 months
|
| Warrant strike price: | $16.20
|
| Investors: | Jayhawk Institutional Partners, LP (lead)
|
| Placement agent: | Oppenheimer & Co.
|
| Settlement date: | June 29
|
| Stock symbol: | Nasdaq: BXXX
|
| Stock price: | $14.79 at close June 29
|
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