PARK NATL CP
			Symbol			PRK

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Park National Corporation Announces $30.8 Million Capital Raise

2009-10-28 09:10 ET - News Release

NEWARK, Ohio, Oct. 28, 2009 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) has entered into agreements with institutional investors for a direct sale of an aggregate 500,000 common shares and warrants (described below). Gross proceeds from the sale of the common shares and warrants total $30.8 million or $61.59 per share. Park's closing stock price was $61.59 per share on October 26, 2009 and $61.70 on October 27, 2009. The closing of the offering is expected to take place on November 2, 2009.

As part of the agreements announced today, the Park warrants are exercisable for an additional 500,000 common shares with an exercise price of $67.75 per share, or 110 percent of the price per share at which the initial $30.8 million was sold. The Series A warrants expire six months after the closing date and the Series B warrants expire 12 months after the closing date. The common shares, the warrants and the common shares underlying the warrants are to be issued under Park's shelf registration statement.

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