Company offers 1.75 million shares at $4.40 each, a 35.39% premium
By Devika Patel
Knoxville, Tenn., Jan. 26 - New Resource Bank said it settled an oversubscribed $7.7 million private placement of stock on Jan. 20. Triodos Bank and Portfolio 21 Investments were among the investors.
The company sold 1.75 million common shares at $4.40 apiece. The per-share price represents a 35.39% premium to the Jan. 19 closing share price of $3.25.
Proceeds will be used to allow the bank to continue to grow, increase its lending limit and take advantage of new business opportunities.
The bank is based in San Francisco.
| Issuer: | New Resource Bank
|
| Issue: | Common stock
|
| Amount: | $7.7 million
|
| Shares: | 1.75 million
|
| Price: | $4.40
|
| Warrants: | No
|
| Investors: | Triodos Bank and Portfolio 21 Investments
|
| Settlement date: | Jan. 20
|
| Stock symbol: | OTCBB: NWBN
|
| Stock price: | $3.25 at close Jan. 20
|
| Market capitalization: | $12.1 million
|
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