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Jacksonville Bancorp, Inc. Announces Rights Offering To Existing Shareholders

Stocks in this article: JAXB

JACKSONVILLE, Fla., April 26, 2013 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank, announced today that it intends to conduct a rights offering to existing shareholders of up to $5 million.  The proposed rights offering would be made through the distribution of nontransferable subscription rights to all eligible shareholders as of a record date, which has yet to be determined.  Certain shareholders who were offerees in the Company's December 2012 private placement will not be eligible to receive rights.  The Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") to register the 10 million shares of common stock underlying the rights. The Company intends to distribute the rights, and commence the offering, promptly after its registration statement is declared effective by the SEC.

(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO)

Under the terms of the proposed rights offering, eligible shareholders will receive, at no charge, one right for each share of common stock held as of the record date.  The number of shares of common stock for which each right is exercisable (the subscription ratio) has yet to be determined.  The exercise price of the rights will be $0.50 per whole share of common stock, which is the same price, on an as-converted basis, at which shares of the Company's Series A Preferred Stock were sold in the Company's December 2012 private placement.  The Company will provide notice of the record date and subscription ratio in the future, when they are determined.

The proposed rights offering will also include an oversubscription privilege, which will entitle a shareholder who exercises its entire basic subscription privilege the right to purchase additional shares of common stock that are not purchased by other shareholders through the exercise of their basic subscription privileges, subject to the availability and pro rata allocation of shares among persons exercising this oversubscription privilege, and other limitations described in the registration statement. 

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