Deal finances loan repayment, five-well enhanced oil recovery program
By Devika Patel
Knoxville, Tenn., May 1 - Native American Energy Group, Inc. said it plans a $5 million non-brokered private placement of preferred units.
The company will sell 5 million preferred units at $1.00 apiece. The units each consist of one series B callable preferred share and one common share.
The preferreds have a dividend of 13% in the first year and 15% for every subsequent year. The company may redeem the preferreds after one year at $1.00 per preferred.
Proceeds will be used to repay some bridge and secured loans and to pay expenses incurred in connection with the company's five-well enhanced oil recovery program in the Williston Basin in Montana.
Native American is a New York-based energy resource development and management company.
Issuer: | Native American Energy Group, Inc.
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Issue: | Units of one series B callable preferred share and one common share
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Amount: | $5 million
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Units: | 5 million
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Price: | $1.00
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Dividends: | 13% in first year on preferreds, 15% for every subsequent year
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Call option: | Preferreds are callable after one year at $1.00
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | May 1
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Stock symbol: | Pink Sheets: NAGP
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Stock price: | $0.64 at close April 30
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Market capitalization: | $23.29 million
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