By Sheri Kasprzak
New York, April 4 - United Fuel & Energy Corp. has wrapped an $8.75 million private placement.
The company sold 1,333,333 common shares at $1.50 each and 6,750 shares of series A convertible preferreds at $1,000 each.
The 8% preferreds are convertible into common shares at $1.50 each.
Sanders Morris Harris was the placement agent.
Proceeds will be used for part of its acquisition of Queen Oil and Gas.
Based in Midland, Texas, United Fuel distributes gasoline, diesel, propane and lubricant products.
Stock
| Issuer: | United Fuel & Energy Corp.
|
| Issue: | Stock
|
| Amount: | $2 million
|
| Shares: | 1,333,333
|
| Price: | $1.50
|
| Warrants: | No
|
| Placement agent: | Sanders Morris Harris
|
| Settlement date: | March 9
|
| Stock symbol: | OTCBB: UFEN
|
| Stock price: | $1.71 at close March 9
|
|
|
| Preferreds
|
| Issuer: | United Fuel & Energy Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $6.75 million
|
| Shares: | 6,750
|
| Price: | $1,000
|
| Dividends: | 8%
|
| Conversion price: | $1.50
|
| Warrants: | No
|
| Placement agent: | Sanders Morris Harris
|
| Settlement date: | March 29
|
| Stock symbol: | OTCBB: UFEN
|
| Stock price: | $1.80 at close March 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
