T.R. Winston helps fund acquisition and drilling of oil and gas leases
By Devika Patel
Knoxville, Tenn., Feb. 3 - Recovery Energy, Inc. completed a private placement of 8% senior secured convertible debentures on Feb. 2, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $8 million.
The debentures mature in three years and are convertible into common shares at $2.35 per share, a 9.62% discount to the Feb. 1 closing share price of $2.60.
T.R. Winston & Co. LLC was the agent.
Of the proceeds, $3 million will be used for the acquisition of and drilling activities on soon-to-be acquired oil and gas leases in Wyoming and Colorado. The remainder will be used for working capital.
Based in Denver, Recovery Energy is a development-stage independent oil and gas company.
| Issuer: | Recovery Energy, Inc.
|
| Issue: | Senior secured convertible debentures, 750,000 common shares
|
| Amount: | $8 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.35
|
| Warrants: | No
|
| Agent: | T.R. Winston & Co. LLC
|
| Settlement date: | Feb. 2
|
| Stock symbol: | OTCBB: RECV
|
| Stock price: | $2.90 at close Feb. 2
|
| Market capitalization: | $139.53 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
