By Laura Lutz
Des Moines, Aug. 27 - Far East Energy Corp. settled a $15 million private placement of stock.
The company sold 11,485,452 common shares to International Finance Corp. for $1.306 per share.
The investor also will receive warrants for 4,019,908 common shares. The warrants are exercisable at $2.61 per share for five years.
The warrants will be exercisable only if a registration statement for the underlying stock is declared effective. The expiry of the warrants may be accelerated to 45 days if the trading price of the company's stock is at least $3.92 for 15 or more consecutive trading days.
Far East is a Houston-based natural gas company focused on coal-bed methane projects.
| Issuer: | Far East Energy Corp.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Shares: | 11,485,452
|
| Price: | $1.306
|
| Warrants: | For 4,019,908 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.61
|
| Investor: | International Finance Corp.
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 27
|
| Stock symbol: | OTCBB: FEEC
|
| Stock price: | $1.30 at close Aug. 24
|
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