By Devika Patel
Knoxville, Tenn., July 1 - Tower Financial Corp. settled a $2.91 million private placement of stock on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The Fort Wayne, Ind., bank holding company sold 461,111 common shares at $6.30 apiece.
The share price was established as 90% of the closing market price of the common shares on June 29.
Proceeds will be used for general corporate purposes.
| Issuer: | Tower Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $2,905,000
|
| Shares: | 461,111
|
| Price: | $6.30
|
| Warrants: | No
|
| Settlement date: | June 30
|
| Stock symbol: | Nasdaq: TOFC
|
| Stock price: | $7.00 at close June 30
|
| Market capitalization: | $28.7 million
|
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