Offering is arranged at 15% discount to volume weighted average price
By Devika Patel
Knoxville, Tenn., Jan. 4 - Imperial Resources, Inc. gave further details in an 8-K filed Tuesday with the Securities and Exchange Commission about a private placement of stock that was arranged Dec. 31. The placement will raise between $500,000 and $3 million.
The company will sell the common shares at a 15% discount to the volume weighted average closing price for the 10 business days prior to the subscription date or $0.6784 per share, whichever is greater.
The company raised $500,000 at pricing by selling 737,041 shares at $0.6784 each, a 10.74% discount to the Dec. 30 closing price of $0.76.
Proceeds will be applied to a significant investment in initial land leasing for the company's planned transformational Oklahoma Prospect, other low risk, quick-hitting opportunities and for general working capital.
The oil and gas company is based in Austin, Texas.
| Issuer: | Imperial Resources, Inc.
|
| Issue: | Common stock
|
| Amount: | $500,000 (minimum), $3 million (maximum)
|
| Price: | The greater of 85% of volume weighted average closing price or $0.6784
|
| Warrants: | No
|
| Settlement date: | Dec. 31 (for $500,000)
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| Stock symbol: | OTCBB: IPRC
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| Stock price: | $0.76 at close Dec. 31
|
| Market capitalization: | $107.9 million
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