Minimum Offering Amount. The number of shares of the Company’s common stock to be sold under this Agreement and the Subscription Agreements shall be at least 375,000,000 shares, resulting in gross proceeds to the Company of $37.5 million. The Company shall have received and accepted the Subscription Agreements and the proceeds due to the Company under the Subscription Agreements shall be in escrow for the benefit of the Company or shall have been previously received by the Company.
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Sources: Stock Purchase Agreement (RMB Capital Management, LLC), Stock Purchase Agreement (Bank of the Carolinas CORP)
Minimum Offering Amount. The number of shares of the Company’s common stock Common Stock or Series A Preferred Stock to be sold under this Agreement to one of more Purchasers and the Subscription Agreements to one or more Other Investors shall be at least 375,000,000 shares, resulting result in gross proceeds to the Company of at least $37.5 42.75 million. The Company shall have received and accepted the Subscription Agreements subscriptions for such amount and the proceeds due to the Company under the Subscription Agreements such subscriptions shall be deposited in escrow for the benefit of the Company or shall have been previously received by the Company.
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