Company sells 1,333,333 shares at $6.00 per share to Albright Capital
By Devika Patel
Knoxville, Tenn., July 9 – Eco-Stim Energy Solutions Inc. said it will sell $8 million of stock to Albright Capital Management, LLC as part of an option granted to the investor in connection with a $22 million convertible debt facility that the company settled with Albright in May.
The company will sell 1,333,333 common shares at $6.00 per share, a 4% discount to the July 8 closing share price of $6.25.
The company has borrowed $11.8 million under the convertible debt facility. It plans to use the proceeds from the facility and the stock option for working capital and capital expenditures in connection with additional well stimulation and coiled tubing assets to be used in the Argentina oilfield service market.
The shell company is based in Houston.
| Issuer: | Eco-Stim Energy Solutions Inc.
|
| Issue: | Common stock
|
| Amount: | $8 million
|
| Shares: | 1,333,333
|
| Price: | $6.00
|
| Warrants: | No
|
| Investor: | Albright Capital Management, LLC
|
| Pricing date: | July 9
|
| Stock symbol: | OTCBB: ESES
|
| Stock price: | $6.25 at close July 8
|
| Market capitalization: | $24.92 million
|
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