Sale of 11.5 million common shares will fund drilling and development
By Devika Patel
Knoxville, Tenn., Aug. 22 - Red Mountain Resources, Inc. priced an $8.05 million direct public offering of stock, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The company will sell 11.5 million common shares at $0.70 per share. The per-share price is a 5.41% discount to the Aug. 21 closing share price of $0.74.
Settlement is expected Aug. 27.
Proceeds will be used for drilling and development and to repay debt.
Red Mountain is a Dallas-based oil and gas company.
| Issuer: | Red Mountain Resources, Inc.
|
| Issue: | Common shares
|
| Amount: | $8.05 million
|
| Shares: | 11.5 million
|
| Price: | $0.70
|
| Warrants: | No
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 27
|
| Stock symbol: | OTCBB: RDMP
|
| Stock price: | $0.74 at close Aug. 21
|
| Market capitalization: | $82.04 million
|
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