Hanmi Financial Corp. (HAFC) Raises Up To $11M From a Korean Investor
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Hanmi Financial Corporation (Nasdaq: HAFC), the holding company of Hanmi Bank, announced that it has entered into a definitive securities purchase agreement, effective as of June 12, 2009, with Leading Investment & Securities Co., Ltd., a Korean securities broker-dealer, whereby Leading has committed to invest up to $11 million of common equity capital into Hanmi Financial Corporation, which is the maximum allowed without seeking U.S. regulatory approval.
Pursuant to the terms of the definitive agreement, Leading will initially invest approximately $6.9 million in the purchase of approximately 5.0 million shares of newly issued common stock, representing a purchase price of approximately $1.37 per share, giving Leading 9.9% of the total outstanding common stock of Hanmi. Upon receipt of certain regulatory consents, the initial investment will be followed by an additional investment of approximately $4.1 million for the purchase of approximately 3.0 million shares of newly issued common stock, also representing a purchase price of approximately $1.37 per share, giving Leading in aggregate 14.9% of the total outstanding common stock of Hanmi. These investments are expected to be completed by July 31, 2009.
Pursuant to the terms of the definitive agreement, Leading will initially invest approximately $6.9 million in the purchase of approximately 5.0 million shares of newly issued common stock, representing a purchase price of approximately $1.37 per share, giving Leading 9.9% of the total outstanding common stock of Hanmi. Upon receipt of certain regulatory consents, the initial investment will be followed by an additional investment of approximately $4.1 million for the purchase of approximately 3.0 million shares of newly issued common stock, also representing a purchase price of approximately $1.37 per share, giving Leading in aggregate 14.9% of the total outstanding common stock of Hanmi. These investments are expected to be completed by July 31, 2009.
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