Rancher penalized after not filing registration statement in 2006 PIPE

By Sheri Kasprzak

New York, June 25 - Rancher Energy Corp. issued $794,000 in stock after the company failed to file a registration statement covering shares issued in a December 2006 private placement.

The holders of the shares from that offering recently received 946,819 shares at a price equal to $0.84 each after the company did not file a registration statement with the Securities and Exchange Commission within 150 days of the closing of the Dec. 21, 2006 placement.

The company is now obligated to make certain payments to the holders for every 30 days that no registration statement has been filed.

The amount due on every 30th day is 1% of the total purchase price of the placement of $76,041,502.

The company had previously issued 933,458 shares in penalty.

Denver-based Rancher evaluates older oil and gas fields to determine potential secondary and tertiary recovery.

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