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Double Eagle Petroleum could raise $20 million via common stock sale
McNicoll, Lewis & Vlak assists with at market issuance sales agreement
By Devika Patel
Knoxville, Tenn., Aug. 24 - Double Eagle Petroleum Co. may raise up to $20 million through an at market issuance sales agreement, according to an 8-K and prospectus supplement filed Wednesday with the Securities and Exchange Commission. The common stock offering was negotiated with agent McNicoll, Lewis & Vlak LLC on Aug. 23.
The agent will be paid a 3% commission.
Proceeds will be used for capital expenditures, working capital, acquisitions of oil and natural gas properties, debt repayment or refinancing, investments in subsidiaries or other general corporate purposes.
The Casper, Wyo., company develops, produces and sells natural gas and crude oil.
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