Company will sell 7,058,823 common shares at $0.85 apiece
By Devika Patel
Knoxville, Tenn., Feb. 11 - Red Mountain Resources, Inc. negotiated a $6 million private placement of stock on Feb. 5, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 7,058,823 common shares at $0.85 apiece. The price per share represents a 1.16% discount to the Feb. 8 closing share price of $0.86.
Settlement is expected on Feb. 28.
Red Mountain is a Dallas-based energy company.
| Issuer: | Red Mountain Resources, Inc.
|
| Issue: | Common shares
|
| Amount: | $6 million
|
| Shares: | 7,058,823
|
| Price: | $0.85
|
| Warrants: | No
|
| Announcement date: | Feb. 11
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 28
|
| Stock symbol: | OTCBB: RDMP
|
| Stock price: | $0.86 at close Feb. 8
|
| Market capitalization: | $94.2 million
|
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