FX Energy plans to sell perpetual convertible preferred stock

By Rebecca Melvin

New York, July 8 – FX Energy Inc. plans to price perpetual convertible preferred stock at a liquidation preference of $25.00 per share in a registered deal being led by MLV & Co. as bookrunning manager, according to a regulatory filing.

Co-managers are Euro Pacific Capital, I-Bankers Securities Inc., Ladenburg Thalmann, Maxim Group LLC, National Securities Corp. and Northland Capital Markets.

The preferreds are being offered together with common stock.

The convertible preferreds are non-callable for three years. There is a change-of-control put, and holders can convert their preferred shares if the common shares exceed 120% of the conversion price.

Proceeds are earmarked to fund part of its ongoing capital expenditure program.

MLV & Co. declined to comment on the timing, size or price talk for the deal.

The preferreds are expected to be listed on the Nasdaq stock market under symbol “FXENP.”

FX is an oil and natural gas exploration company based in Salt Lake City.

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