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| Home : Bank of the James Announces Equity Raise |
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Nov 25
2015 |
Bank of the James Announces Equity Raise |
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LYNCHBURG, VA--(Marketwired - November 24, 2015) - Bank of the James Financial Group, Inc. (NASDAQ: BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Lynchburg, Charlottesville, Harrisonburg, Roanoke and other markets in Virginia, announced that it entered into definitive agreements to sell 1,000,000 shares of common stock to certain institutional investors at a price of $11.52 per share. The Company anticipates that the transaction will close on or about November 30, 2015. The gross proceeds to the Company from the Private Placement will be $11,520,000. The Company intends to use $10,000,000 to prepay in full notes issued in the second quarter of 2012 (the "2012 Notes"). The 2012 Notes bear interest at 6% per year with quarterly payments of interest only. The 2012 Notes mature on April 1, 2017 but can be prepaid in whole or in part on 30 days' written notice to the noteholders. Promptly following the date on which it closes the Private Placement, the Company intends to notify noteholders of its intent to prepay the 2012 Notes in full. The remaining proceeds from the sale will be retained by the Company to pay related transaction fees and expenses and for general corporate purposes. |
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| Source:http://www.marketwired.com/mw/release.do?id=2076651&sourceType=3 |
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