By Devika Patel
Knoxville, Tenn., April 9 - Reliance Bancshares, Inc. announced a private placement of stock to raise at least $10 million on April 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell common shares at $3.00 apiece.
Proceeds will be used as working capital.
Reliance is a Frontenac, Mo.-based bank holding company.
| Issuer: | Reliance Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million (minimum)
|
| Price: | $3.00
|
| Warrants: | No
|
| Pricing date: | April 5
|
| Stock symbol: | OTCBB: RLBS
|
| Stock price: | $2.35 at close April 5
|
| Market capitalization: | $51.3 million
|
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