New Issue: First Reliance Bancshares wraps $3.82 million sale of preferreds, stock

By Devika Patel

Knoxville, Tenn., May 28 - First Reliance Bancshares Inc. settled a $3.82 million private placement of its 7% series C convertible preferred stock and stock on April 9, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company sold 2,293 preferreds at $1,000 apiece and 340,145 common shares at $4.50 per share.

The preferreds are initially convertible into common stock at $6.50 per share. They will mandatorily convert on July 31, 2013.

First Reliance is a holding company for First Reliance Bank in Florence, S.C.

Issuer:	First Reliance Bancshares Inc.
Issue:	Series C convertible preferred stock, common stock
Amount:	$3,823,653
Warrants:	No
Settlement date:	April 9
Stock symbol:	OTCBB: FSRL
Stock price:	$3.01 at close April 9
Market capitalization:	$14 million
Preferreds
Amount:	$2,293,000
Preferreds:	2,293
Price:	$1,000
Dividends:	7%
Conversion price:	$6.50
Call:	July 31, 2013
Common stock
Amount:	$1,530,653
Shares:	340,145
Price:	$4.50

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