C.K. Cooper raises funds for working capital; units priced at $0.675
By Devika Patel
Knoxville, Tenn., Oct. 3 - Houston American Energy Corp. negotiated a $10 million registered direct offering of units on Oct. 1, according to an 8-K and prospectus supplement filed Wednesday with the Securities and Exchange Commission.
The company will sell 14,814,815 units of one common share and two half-share warrants at $0.675 per unit on a reasonable, best-efforts basis.
The whole class A warrants are each exercisable at $0.81 for six months. The whole class B warrants are each exercisable at $0.90 for three years. The strike prices are a 10% discount and identical to the Sept. 28 closing share price of $0.90.
C.K. Cooper and Co., Inc. is the agent.
Settlement is expected Oct. 4.
Proceeds will be used for general working capital purposes, including development of company properties.
Houston American is a Houston-based oil and gas exploration and production company.
| Issuer: | Houston American Energy Corp.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $10 million
|
| Units: | 14,814,815
|
| Price: | $0.675
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Six months (class A), three years (class B)
|
| Warrant strike prices: | $0.81 (class A), $0.90 (class B)
|
| Agent: | C.K. Cooper and Co., Inc.
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 4
|
| Stock symbol: | NYSE Amex: HUSA
|
| Stock price: | $0.90 at close Sept. 28
|
| Market capitalization: | $21.7 million
|
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