1st Mariner Bancorp Announces Expiration Of Rights Offering And Start Of Public Offering Of Unsubscribed Shares
BALTIMORE, March 26 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (Nasdaq: FMAR), parent company of 1st Mariner Bank, announced today that the subscription period of its previously announced rights offering (the "Rights Offering") expired at 5:00 p.m., Eastern Time, on March 24, 2010. The Rights Offering was limited to shareholders of record as of February 12, 2010. The Company has received orders for 3,410,082 shares of common stock, totaling approximately $3.9 million in connection with the Rights Offering. The Company is now offering 13,981,049 shares of common stock to the public, to be offered and sold by its officers and directors on a "best efforts" basis, at a subscription price of $1.15 per share (the "Public Offering"). The Company must receive minimum proceeds of $10.0 million, in the aggregate, to complete the Rights Offering and the Public Offering, and must sell at least 5,285,571 shares of common stock in the Public Offering to reach this $10.0 million minimum requirement.
In addition to the Rights Offering subscriptions, the Company also announced that it has received non-binding preliminary subscription agreements for the Public Offering for approximately 4,347,000 shares of common stock, totaling $5.0 million. If the $10.0 million aggregate subscription minimum is reached, the Company intends to complete the Rights Offering and issue shares to those persons whose Rights Offering or Public Offering subscriptions have been accepted to that point. The Company intends to offer any remaining shares in the Public Offering until April 12, 2010, unless the Public Offering is earlier terminated by the Board of Directors.
Edwin F. Hale, Sr., Chairman and CEO, commented "I am pleased with the level of participation in the rights offering and with the amount of preliminary subscriptions received for the public offering. We will continue our efforts to fully subscribe the offering."
A copy of the Company's prospectus supplement, accompanying prospectus and additional materials relating to the Public Offering are available. Potential investors may obtain a copy of these materials from the Company by contacting Paul B. Susie, the Company's Chief Financial Officer, at (443) 573-4821. Mr. Susie may also be contacted by mail at First Mariner Bancorp, 1501 S. Clinton Street, Baltimore, Maryland 21224, Attention: Paul B. Susie, Chief Financial Officer. If you have any questions regarding the Public Offering or the Rights Offering, please call Mr. Susie at the above number or please call the Company's information agent, Laurel Hill Advisory Group, LLC at (888) 742-1305 (toll free), Monday through Friday (except bank holidays), between 10:00 a.m. and 4:00 p.m., Eastern Time.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities mentioned in this press release in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The Public Offering will be made by means of a prospectus supplement and accompanying prospectus.
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