SEVIERVILLE, Tenn., Sept. 8, 2005 (PRIMEZONE) -- Mountain National Bancshares, Inc. (OTCBB:MNBT) today announced that it has completed the sale of 416,500 shares of its common stock at $24 per share in a registered public offering. Each purchaser in the offering also will be issued a warrant, exercisable for one year after September 8, 2006, to purchase a number of shares of common stock equal to the number of shares of common stock purchased by the investor in the common stock offering at an exercise price of $25.20 per share.
Net proceeds from the common stock offering, after expenses, were $9,896,000. Mountain National expects to invest approximately $8,000,000 of the net proceeds in its bank subsidiary for use in general corporate purposes, including funding the bank's lending and investment activities associated with its expected continued growth. The remainder of the net proceeds will be used by Mountain National for its general corporate purposes and as working capital to position Mountain National for future internal growth.
A registration statement relating to these securities was filed with the Securities and Exchange Commission on July 11, 2004 and has been declared effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities 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. Copies of the prospectus for the offering may be obtained from Mountain National Bancshares, Inc., 300 East Main Street, Sevierville, Tennessee 37862. An electronic copy of the prospectus is also available on the Securities and Exchange Commission's website at www.sec.gov.
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