By Devika Patel
Knoxville, Tenn., July 9 - Magellan Petroleum Corp. said it completed a $10 million private placement of stock with Young Energy Prize SA. The deal priced on Feb. 10 and was revised on April 7, when the company extended the deadline to complete the financing.
The company sold 8,695,652 common shares at $1.15 per share to Young Energy.
The investor also received a five-year warrant for 4,347,826 shares, exercisable at $1.20. If Young Energy buys some of the company's previously issued shares, the warrant strike price will be reduced to C$1.15 per share.
Proceeds will be used for working capital and general corporate purposes.
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 years
|
| Warrant strike price: | $1.20
|
| Investor: | Young Energy Prize SA
|
| Pricing date: | Feb. 10
|
| Revised: | April 7
|
| Settlement date: | July 9
|
| Stock symbol: | Nasdaq: MPET
|
| Stock price: | $0.61 at close Feb. 9
|
| Market capitalization: | $39.8 million
|
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