Luray, Va.-based Blue Ridge Bankshares Inc. sold 1,304,848 common shares in a private placement to accredited investors, for an aggregate price of approximately $19.9 million.

The company expects to sell up to an additional 232,000 shares pursuant to a previously existing non-dilution right. Once completed, the total net proceeds are anticipated to be approximately $22.3 million.

Blue Ridge Bankshares expects to use the net proceeds from the offering for general corporate purposes, including organic growth.

Raymond James & Associates Inc. served as the sole placement agent for the offering, and Brooks Pierce McLendon Humphrey & Leonard LLP acted as legal counsel for Blue Ridge Bankshares.