By Devika Patel
Knoxville, Tenn., Feb. 10 - Magellan Petroleum Corp. said it has arranged a $10 million private placement of stock.
The company will sell 8,695,652 common shares at $1.15 per share to Young Energy Prize SA.
The investor also will receive a five-year warrant for 4,347,826 shares, exercisable at $1.20.
Proceeds will be used to develop the company's assets in Australia and to fund its international business development activities.
Magellan Petroleum is a Hartford, Conn., oil and gas company.
| Issuer: | Magellan Petroleum Corp.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 8,695,652
|
| Price: | $1.15
|
| Warrants: | For 4,347,826 shares
|
| Warrant expiration: | Five year
|
| Warrant strike price: | $1.20
|
| Investor: | Young Energy Prize SA
|
| Pricing date: | Feb. 10
|
| Stock symbol: | Nasdaq: MPET
|
| Stock price: | $0.61 at close Feb. 9
|
| Market capitalization: | $31.1 million
|
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