Credit Suisse, Canaccord Genuity, Johnson Rice assisted with offering
By Devika Patel
Knoxville, Tenn., Oct. 2 - Emerald Oil, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $15.08 million greenshoe in full for total proceeds of $115.58 million. The deal was announced Sept. 23.
The company sold 17.25 million common shares at $6.70 apiece. The price per share is an 8.22% discount to the Oct. 1 closing share price of $7.30. Of the shares, 2.25 million comprised the fully exercised greenshoe.
Credit Suisse Securities (USA) LLC was the sole bookrunner.
Proceeds will be used for development and growth plans, leasing and acquisitions, capital expenditures and general corporate purposes.
Emerald is a Denver-based oil exploration and production company.
| Issuer: | Emerald Oil, Inc.
|
| Issue: | Common shares
|
| Amount: | $115,575,000 (including $15,075,000 greenshoe)
|
| Shares: | 17.25 million
|
| Price: | $6.70
|
| Warrants: | No
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Co-managers: | Canaccord Genuity Inc. and Johnson Rice & Co. LLC
|
| Announcement date: | Sept. 23
|
| Settlement date: | Oct. 2
|
| Stock symbol: | NYSE: EOX
|
| Stock price: | $7.30 at close Oct. 1
|
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