By Devika Patel
Knoxville, Tenn., May 16 - Ring Energy, Inc. has arranged a private placement of stock for between $900,000 and $1.5 million, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell between 300,000 and 500,000 common shares at $3.00 apiece primarily or exclusively to California investors.
Settlement is expected June 15.
About $100,000 of the proceeds will be used for operations, $25,000 for debt repayment and $1,372,000 for oil and gas acquisition, development and operations.
Ring Energy is a private company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $900,000 (minimum), $1.5 million (maximum)
|
| Shares: | 300,000 (minimum), 500,000 (maximum)
|
| Price: | $3.00
|
| Warrants: | No
|
| Pricing date: | May 16
|
| Settlement date: | June 15
|
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