Brokered $10 million offering includes series A and series B warrants
By Devika Patel
Knoxville, Tenn., Sept. 24 - Virginia Commerce Bancorp, Inc. said it plans a $10 million registered direct offering of units.
The company will sell 1,904,766 common shares at $5.25 apiece.
The investors will also receive two warrants, which are each exercisable at $6.00. The strike price represents a 14.3% premium to the offering price of the shares and a 6.01% premium to the Sept. 23 closing share price of $5.66.
The series A warrants will be exercisable for 952,383 shares for seven months following the settlement date. The series B warrants, also exercisable for 952,383 shares, will be exercisable for one year.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for general corporate purposes.
"Virginia Commerce Bancorp is pleased to have completed this capital transaction, which is the most recent in a series of capital formation steps taken by our company over the last several years," president and chief executive officer Peter A. Converse said in a press release.
"This additional capital will support our growth and our continued service to our customers."
Based in Arlington, Va., Virginia Commerce is the parent bank holding company of Virginia Commerce Bank.
| Issuer: | Virginia Commerce Bancorp, Inc.
|
| Issue: | Common shares
|
| Amount: | $10 million
|
| Shares: | 1,904,766
|
| Price: | $5.25
|
| Warrants: | For 1,904,766 shares
|
| Warrant expiration: | Seven months (series A), one year (series B)
|
| Warrant strike price: | $6.00
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Sept. 24
|
| Stock symbol: | Nasdaq: VCBI
|
| Stock price: | $5.66 at close Sept. 23
|
| Market capitalization: | $136.09 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
