Blue Ridge Bankshares raises $11.6M in private placement with insider Spurzem

BLUE RIDGE BANKSHARES, INC.

On June 13, 2024, closed a private placement with shareholder Richard T. Spurzem for gross proceeds of ~$11.6M.
Issued 290,000 common shares at $2.39/share, 1,140 Series B Preferred shares at $9,566.13 each, and a warrant for 607 Series B Preferred shares at $10,000/share.
Securities were sold in an unregistered offering exempt under Section 4(a)(2) and Rule 506(b); a Registration Rights Agreement was also signed.
The purchaser is an insider; the deal increases company equity and provides capital for general corporate purposes.
Proceeds represent a significant funding event for the company, which trades on the NYSE American under BRBS.

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