By Devika Patel
Knoxville, Tenn., Oct. 30 - Northern Oil and Gas, Inc. orchestrated a $59.28 million registered direct offering of stock, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 6.5 million common shares at $9.12 apiece.
Canaccord Adams Inc. is the agent. FIG Partners, LLC is the co-placement agent.
Proceeds will be used to repay debt under the company's revolving credit facility, pursue acquisition opportunities and other working capital purposes.
Wayzata, Minn.-based Northern Oil and Gas is an oil and natural gas exploration and production company.
| Issuer: | Northern Oil and Gas, Inc.
|
| Issue: | Common stock
|
| Amount: | $59.28 million
|
| Shares: | 6.5 million
|
| Price: | $9.12
|
| Warrants: | No
|
| Agents: | Canaccord Adams Inc., FIG Partners, LLC
|
| Pricing date: | Oct. 30
|
| Stock symbol: | NYSE Amex: NOG
|
| Stock price: | $9.22 at close Oct. 29
|
| Market capitalization: | $330 million
|
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