By Devika Patel
Knoxville, Tenn., June 29 - First Century Bancorp has arranged a $1.34 million private placement of stock, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company plans to sell 2 million common shares at $0.67 apiece.
Investors also will receive warrants for 2 million shares. Each warrant will be exercisable at $0.67 for 10 years.
Settlement is expected Aug. 31.
First Century is a private real estate and mortgage company based in Downey, Ga.
| Issuer: | First Century Bancorp
|
| Issue: | Common stock
|
| Amount: | $1.34 million
|
| Shares: | 2 million
|
| Price: | $0.67
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.67
|
| Announcement date: | June 29
|
| Settlement date: | Aug. 31
|
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