Carolina National Corporation Announces Exercise of Over-allotment Option
January 03 2006 - 5:01PM
PR Newswire (US)
COLUMBIA, S.C., Jan. 3 /PRNewswire-FirstCall/ -- Carolina National
Corporation (NASDAQ:CNCP) announced that Scott & Stringfellow,
Inc., the underwriter of the Company's recent offering of 1,000,000
shares of its common stock at $16.00 per share, has exercised its
over-allotment option to purchase an additional 150,000 shares of
common stock. The closing is expected to occur on January 6, 2006.
The Company expects to receive net proceeds from the exercise of
approximately $2.24 million, after the underwriting discount. The
total net proceeds of the sale of 1,150,000 shares pursuant to the
offering and over-allotment option are approximately $17.11
million, after underwriting discount and expenses. This press
release is not an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, in any state
or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer,
solicitation or sale will be made only by means of the final
prospectus, copies of which may be obtained by contacting: James A.
Tyler, Jr. at Scott & Stringfellow, Inc., P.O. Box 1575,
Richmond, Virginia 23218, (804) 780-3267. Carolina National
Corporation is the holding company for Carolina National Bank and
Trust Company, an independent, community oriented, financial
institution conducting a general commercial and consumer banking
business from three locations in the greater Columbia, South
Carolina marketplace. DATASOURCE: Carolina National Corporation
CONTACT: Roger B. Whaley, President & CEO, or Rollo F. Ingram,
Executive Vice President & CFO, both of Carolina National
Corporation, +1-803-779-0411 Web site:
http://www.carolinanationalbank.com/
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