By Sheri Kasprzak
Atlanta, Dec. 27 - Far East Energy Corp. said it has closed a $10.25 million private placement.
The company sold 6,406,250 units at $1.60 each to foreign investors.
The units include two shares and one warrant.
The warrants allow for an additional share at $2.50 each for three years.
Far East, based in Houston, is a coal-bed methane exploration and acquisition company. It plans to use the proceeds from the offering to finance part of its operations in China, including horizontal drilling in 2005, and for working capital.
| Issuer: | Far East Energy Corp.
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| Issue: | Units of two shares and one warrant
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| Amount: | $10.25 million
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| Units: | 6,406,250
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| Price: | $1.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.50
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| Settlement date: | Dec. 27
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| Stock price: | $1.20 at close Dec. 27
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