Exercise of common share warrants and issuance of common sharesOver the past five quarters, common shares outstanding have increased by 1,228,172 or 8.8 percent, as a result of capital raising activities. During 2009, Park sold 904,072 common shares and Series A and Series B Common Share Warrants covering an aggregate of 500,000 common shares at a weighted average price per share of $61.20 for gross proceeds of $55.3 million. Net of selling expenses and professional fees, Park raised $53.5 million of common equity from these capital raising activities in 2009. During the second quarter of 2010, 324,100 common shares were issued upon the exercise of the Series A and Series B Common Share Warrants at a price of $67.75 per common share. Net of all expenses, Park raised an additional $21.3 million of common equity from the sale of these 324,100 common shares. Series B Common Share Warrants covering 175,900 common shares, with an exercise price of $67.75 per common share and an expiration date of October 30, 2010, remain outstanding.
Park National Corporation Reports Second Quarter 2010 Financial Results And Declares Quarterly Cash Dividend
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