Deal conducted by joint bookrunning managers Canaccord, Johnson Rice
By Devika Patel
Knoxville, Tenn., May 22 - Emerald Oil, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $10.98 million greenshoe in full for total proceeds of $84.18 million. The deal was announced May 13 and priced for $73.2 million with the $10.98 million greenshoe on May 17.
The company sold 13.8 million common shares at $6.10 apiece. The price per share is a 3.18% discount to the May 16 closing share price of $6.30. Of the shares, 1.8 million were part of the fully exercised greenshoe.
Canaccord Genuity Inc. and Johnson Rice & Co. LLC were the joint bookrunning managers.
Proceeds will be used to fund the capital budget in 2013 and for general corporate purposes, including working capital.
Emerald is a Denver-based oil exploration and production company.
| Issuer: | Emerald Oil, Inc.
|
| Issue: | Common shares
|
| Amount: | $84.18 million (including $10.98 million greenshoe)
|
| Shares: | 13.8 million
|
| Price: | $6.10
|
| Warrants: | No
|
| Bookrunners: | Canaccord Genuity Inc. and Johnson Rice & Co. LLC
|
| Co-managers: | Global Hunter Securities, LLC and SunTrust Robinson Humphrey, Inc.
|
| Announcement date: | May 13
|
| Pricing date: | May 17
|
| Settlement date: | May 22
|
| Stock symbol: | NYSE: EOX
|
| Stock price: | $6.30 at close May 16
|
| Market capitalization: | $156.69 million
|
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