Company is selling up to 31.25 million common shares at $1.60 apiece
By Devika Patel
Knoxville, Tenn., Dec. 27 - Dune Energy, Inc. settled a $30 million tranche of a $50 million private placement of stock on Dec. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell up to 31.25 million common shares at $1.60 per share. The price per share reflects a 23.08% premium to the Dec. 19 closing share price of $1.30. Dune sold 18,749,997 shares in the first tranche.
Proceeds will be used as working capital for the company's planned 2013 drilling program.
Dune Energy is a Houston-based energy company.
Issuer: | Dune Energy, Inc.
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Issue: | Common stock
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Amount: | $50 million
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Shares: | 31.25 million
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Price: | $1.60
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Warrants: | No
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Pricing date: | Dec. 20 (for $30 million)
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Stock symbol: | OTCBB: DUNR
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Stock price: | $1.30 at close Dec. 19
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Market capitalization: | $64.97 million
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