By Sheri Kasprzak
Atlanta, Dec. 21 - Far East Energy Corp. said Tuesday it plans to raise a minimum of $1.5 million in a private placement.
The company will issue 375,000 units at $4 each. The units include five shares and one warrant.
The warrants in the offering allow for an additional share at $1.50 each for three years.
The proceeds from the offering will be placed in escrow until $1.5 million, the minimum amount of the deal, is received.
By Dec. 17, the company had sold 203,750 units and received $815,000 in escrow.
Bathgate Capital Partners LLC is the placement agent in the deal.
Additional pricing information could not be obtained Tuesday.
Houston-based Far East Energy is a coal bed methane gas exploration and production company with projects in China. The proceeds from the private placement will be used for the exploration of coal bed methane, production sharing contracts in China and working capital.
| Issuer: | Far East Energy Corp.
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| Issue: | Units of five shares and one warrant
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| Amount: | $1.5 million (minimum)
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| Units: | 375,000
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| Price: | $4.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.50
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| Placement agent: | Bathgate Capital Partners LLC
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| Announcement date: | Dec. 21
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| Stock price: | $1.20 at close Dec. 20
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