By Devika Patel
Knoxville, Tenn., May 18 - Magellan Petroleum Corp. said it has negotiated a $15.6 million private placement of stock.
The company will sell 5.2 million common shares at $3.00 per share to Young Energy Prize SA. The purchase price is approximately 71% above the closing price of the stock at the close of trading on May 17.
Currently, Young Energy owns approximately 27% of the company's outstanding shares. This financing, upon completion, would result in Young Energy owning approximately 33% of the company's stock.
Magellan Petroleum is a Hartford, Conn., oil and gas company.
| Issuer: | Magellan Petroleum Corp.
|
| Issue: | Common stock
|
| Amount: | $15.6 million
|
| Shares: | 5.2 million
|
| Price: | $3.00
|
| Warrants: | No
|
| Investor: | Young Energy Prize SA
|
| Pricing date: | May 18
|
| Stock symbol: | Nasdaq: MPET
|
| Stock price: | $1.75 at close May 17
|
| Market capitalization: | $84.2 million
|
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