BRAbank ASA (OB:BRA-ME) announced a private placement of 28,000,000 common shares at a price of NOK 1.25 per share for gross proceeds of NOK 35,000,000 on August 29, 2019. The transaction has been approved by the board of directors of the company. The transaction is subject to the approval by the Extraordinary General Meeting to be held on September 16, 2019 and certain other conditions. The payment date is expected to be on or about September 20, 2019. On the same date, the company issued 9,600,000 shares for proceeds of NOK 12,000,000 in its first tranche. The tranche included participation from existing investor, Braganza AS for 8,800,000 shares and Breibukt AS of Geir Stormorken, chairman of the board of the company for 800,000 shares.