That's after it secured a further unnamed "institutional commitment" to subscribe to $3 million worth of shares at the higher of 65 cents per share or the price set by its planned $35 million share purchase plan (SPP) for its existing retail investors.

The already announced $20 million private placements in equal amounts to PGG Wrightson, the finance company's listed parent company, and Heartland's former major shareholder, the listed Pyne Gould Corporation (PGC), are at 75 cents per share.

Heartland shares were trading at 72 cents ahead of the June 14 announcement the company was to buy the PGG Wrightson finance company.

Since then, Heartland shares have fallen to 61 cents.

Under Heartland's SPP, individual shareholders will be able to subscribe for up to $15,000 worth of shares. Heartland says it will release details of the SPP's terms on or about July 21 and it is expected to open on August 8.

The SPP price will be the lesser of 75 cents per share and a price to be determined at an unspecified discount to the average end-of-day market price over an unspecified period before the SPP closes, Heartland says.

The SPP is fully underwritten, including $10 million of it by PGC.

Heartland says the other $25 million is being underwritten by Impact Capital Management, with both underwriters agreeing any shortfall will be placed to the underwriters at either 65 cents per share or the SPP price, whichever is the higher.

"The floor of $0.65 represents a discount of 25% to the current NTA (net tangible assets) per share of Heartland," the company says.

Heartland says Impact is a private company representing Tomlinson family interests and is "a long-term value investor who shares the Heartland vision and opportunity to create" a new Zealand-controlled, stock exchange-listed bank "that serves the needs of 'heartland' New Zealanders."