By Devika Patel
Knoxville, Tenn., Dec. 22 - Far East Energy Corp. orchestrated a $4.9 million registered direct offering of units, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 2,311,729 units of five common shares and two warrants at $2.12 per unit. The warrants are exercisable at $1.25 for five years.
Pritchard Capital Partners, LLC is the agent.
Settlement is expected Dec. 28.
Proceeds will be used for drilling, completion and testing of coal bed methane wells in China and for general corporate purposes.
Far East is a Houston-based natural gas company focused on coal-bed methane projects.
| Issuer: | Far East Energy Corp.
|
| Issue: | Units of five common shares and two warrants
|
| Amount: | $4,900,865
|
| Shares: | 2,311,729
|
| Price: | $2.12
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Agent: | Pritchard Capital Partners, LLC
|
| Pricing date: | Dec. 22
|
| Settlement date: | Dec. 28
|
| Stock symbol: | OTCBB: FEEC
|
| Stock price: | $0.46 at close Dec. 21
|
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