New Issue: Epic Energy sells $26.85 million of notes, stock, warrants

By Laura Lutz

Des Moines, Dec. 7 - Epic Energy Resources, Inc. sold $20.25 million of notes and warrants and $6.6 million of stock and warrants in two private placements, according to an 8-K filing with the Securities and Exchange Commission.

The stock placement consisted of 4,397,000 common shares at $1.50 each and warrants for 4,397,000 shares.

The warrants from the stock sale will be exercisable at $1.50 until Dec. 5, 2012.

In the note placement, Epic sold $20.25 million principal amount of secured notes along with warrants for 15,954,545 shares. Those warrants are exercisable at $1.65 per share until Dec. 5, 2012.

The notes mature on Dec. 5, 2012 and bear interest at 10% per year. Interest will be payable quarterly. Epic is required to make quarterly payments of $1,265,625 beginning on Dec. 1, 2008.

Epic is an oil and gas company based in The Woodlands, Texas.

Stock placement

Issuer:	Epic Energy Resources, Inc.
Issue:	Stock
Amount:	$6,595,500
Shares:	4,397,000
Price:	$1.50
Warrants:	For 4,397,000 shares
Warrant expiration:	Dec. 5, 2012
Warrant strike price:	$1.50
Settlement date:	Dec. 5
Stock symbol:	OTCBB: EPCC
Stock price:	$3.15 at close Dec. 5
Note placement
Issuer:	Epic Energy Resources, Inc.
Issue:	Secured notes
Amount:	$20.25 million
Maturity:	Dec. 5, 2012
Coupon:	10%
Price:	Par
Yield:	10%
Warrants:	For 15,954,545 shares
Warrant expiration:	Dec. 5, 2012
Warrant strike price:	$1.65
Settlement date:	Dec. 5
Stock symbol:	OTCBB: EPCC
Stock price:	$3.15 at close Dec. 5

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