New Issue: Monarch wraps $7.21 million private placements of shares

By Devika Patel

Knoxville, Tenn., July 3 - Monarch Financial Holdings, Inc. completed a $7.21 million private placement of common stock on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company sold 69,801 shares at $9.90 per share to members of the corporate board of directors and senior management for $691,029.90, and 704,309 shares at $9.25 apiece for $6.51 million

The company intends to use the proceeds for working capital and general corporate purposes, including supporting its growth initiatives.

Monarch is a Chesapeake, Va., bank holding company

Issuer:	Monarch Financial Holdings, Inc.
Issue:	Common stock
Amount:	$7,205,888.15
Shares:	774,110
Price:	$9.90 (for 69,801 shares), $9.25 (for 704,309 shares)
Warrants:	No
Setttlement date:	June 30
Stock symbol:	Nasdaq: MNRK
Stock price:	$10.19 at close June 30

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