Shares sold in rights offering lift combined proceeds to $4.2 million
By Angela McDaniels
Tacoma, Wash., March 16 - T Bancshares, Inc. sold 750,000 shares of common stock for $2.00 each in a limited public offering, raising $1.5 million.
The company distributed rights to purchase 2,911,957 shares to its existing shareholders in January. Each right entitled the holder to purchase 1.5 shares. The shares not subscribed for in the rights offering were then offered to investors selected by the company through the limited public offering.
The price in both offerings was $2.00 per share. This is a 14.3% premium over the company's $1.75 closing share price on Jan. 11.
The rights expired on Feb. 24, and the limited public offering expired on March 9.
Including the rights offering, the company raised $4.2 million, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to provide capital to support future growth and for general corporate purposes.
T Bancshares is the bank holding company of T Bank, NA, a commercial bank based in Dallas.
| Issuer: | T Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.5 million
|
| Shares: | 750,000
|
| Price: | $2.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 12
|
| Stock symbol: | OTCBB: TBNC
|
| Stock price: | $4.00 at close March 15
|
| Market capitalization: | $7.77 million
|
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