Proceeds fund working capital, capital expenditures and acquisitions
By Devika Patel
Knoxville, Tenn., March 27 - Double Eagle Petroleum Co. concluded a $4.83 million private placement of stock on March 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2,018,826 common shares at $2.39 apiece. The price per share is a 7.18% premium to $2.23, the March 21 closing share price.
Proceeds will be used for working capital needs, capital expenditures, acquisitions of oil and natural gas assets and general corporate purposes.
The Casper, Wyo., company develops, produces and sells natural gas and crude oil.
| Issuer: | Double Eagle Petroleum Co.
|
| Issue: | Common stock
|
| Amount: | $4,825,000
|
| Shares: | 2,018,826
|
| Price: | $2.39
|
| Warrants: | No
|
| Settlement date: | March 24
|
| Stock symbol: | Nasdaq: DBLE
|
| Stock price: | $2.23 at close March 21
|
| Market capitalization: | $32.87 million
|
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