Company also announces conversion of remaining $2.68 million notes
By Susanna Moon
Chicago, Jan. 12 - EnerJex Resources, Inc. said it received $5 million in proceeds through the sale of restricted common stock in a private placement offering at $0.40 per share.
The placement was completed concurrent with the conversion of all $2,676,436 of EnerJex's remaining senior secured debentures into EnerJex common stock based on a price of $0.80 per share.
The company's stock closed at $0.74 on Jan. 11.
The placement price represents a 45.95% discount to the company's Jan. 11 closing price.
The company also acquired multiple oil-related assets for equity and cash valued at about $25 million and reconstituted its entire board of directors and management, according to a company press release.
EnerJex said it is now well positioned to aggressively grow oil production and reserves.
EnerJex is an oil and natural gas exploration and development company based in Overland Park, Kan.
Issuer: | EnerJex Resources, Inc.
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Issue: | Stock
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Amount: | $5 million
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Shares: | 12.5 million
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Price: | $0.40
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Warrants: | No
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Settlement date: | Jan. 12
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Stock symbol: | OTCBB: ENRJ
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Stock price: | $0.74 at close Jan. 11
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