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Friday, 08/26/2011 3:02:48 PM

Friday, August 26, 2011 3:02:48 PM

Post# of 51
Trading halted resumes. Up 27 cents to $4.10 now.Pacific Mercantile Bancorp completes $11.2 mln equity financing, satisfies capital requirement of DFI order, and enters into agreements to raise an additional $27.3 mln of equity (PMBC) 3.83 +0.01 : Co announced that, on August 26, 2011, it completed a private placement in which it sold 112K shares of a newly created Series B Convertible 8.4% Preferred Stock at a price of $100/share in cash, generating gross proceeds to the Company of $11.2 mln . Co also entered into definitive agreements to raise an additional $27.3 mln of capital consisting of the sale of $11.8 mln of additional Series B Shares to the same three investors also at a price of $100 in cash per share, the sale of $15.5 mln of common stock to the Carpenter Funds at a price equal to the book value of the co's common stock at the end of the quarter immediately preceding the close of the sale of the Common Shares, or $5.31/share, whichever is the greater. Additionally, the Company will be issuing warrants that, subject to certain conditions, will entitle the Clinton Group and the Carpenter Funds to purchase up to ~399K and ~408K shares of common stock, respectively, at a price of $6.38/share. (shares halted)