Online Resources To Raise NewCapital

Register now

CHANTILLY, Va. - (02/11/05) -- Online Resources Corp. said Thursdayit plans to raise as much as $45 million with an offering of asmany as five million common shares. In addition the company plansto register as many as one million of its shares worth about $10million that Online Resources used to buy Incurrent Solutions lastyear. The purchase price for Incurrent was $8 million in cash andone million common shares, then valued at $7.3 million. The companysaid it plans to use the proceeds from the sale of its shares tofinance additional corporate acquisitions or other generalcorporate purposes. Underwriters for the offering ar Friedman,Billings, Ramsey & Co., of Virginia. Shares of Online Resourcestraded closed Thursday at $9.83 on the NASDAQ.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER