By Sheri Kasprzak
New York, Dec. 12 - Geokinetics Inc. said it has completed the second tranche of a private placement for $5,687,500, bringing the total proceeds raised to $30,837,500.
In the final closing, the company issued 4.55 million shares at $1.25 each.
The investors received warrants for 455,000 shares, exercisable for five years at $2.00 each.
RBC Capital Markets was the placement agent.
On Dec. 2, the company closed the first tranche for C$25.15 million, selling 20.12 million shares at the same price.
Proceeds from the deal will be used to complete the company's acquisition of Trace Energy Services Ltd. The acquisition closed along with the private placement.
Houston-based Geokinetics provides three-dimensional seismic acquisition and seismic data-processing services to the oil and natural gas exploration companies.
| Issuer: | Geokinetics Inc.
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| Issue: | Stock
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| Amount: | $5,687,500
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| Shares: | 4.55 million
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| Price: | $1.25
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| Warrants: | For 455,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Placement agent: | RBC Capital Markets
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| Settlement date: | Dec. 12
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| Stock price: | $2.17 at close Dec. 12
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