Offering funds drilling, development, debt repayment and acquisitions
By Devika Patel
Knoxville, Tenn., Dec. 6 - Ring Energy, Inc. priced a $50 million public offering of stock with a $7.5 million greenshoe on Dec. 5, according to an 8-K filed with the Securities and Exchange Commission. The offering was announced Monday.
The company will sell 5 million common shares at $10.00 per share. The price per share reflects a 10.48% discount to the Dec. 4 closing share price of $11.17.
SunTrust Robinson Humphrey, Inc. is the bookrunner.
Settlement is expected Dec. 11.
Proceeds will be used for drilling and development of properties, to pay for additional leases of oil and gas properties, to pay down debt under the company's credit facility and to pay for acquisitions of oil and gas properties.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Shares: | 5 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunner: | SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Capital One Securities, Inc., Global Hunter Securities, LLC, Euro Pacific Capital Inc., IBERIA Capital Partners LLC, Noble Financial Capital Markets, Northland Capital Markets, and Roth Capital Partners, LLC
|
| Announcement date: | Dec. 2
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 11
|
| Stock symbol: | NYSE: REI
|
| Stock price: | $11.17 at close Dec. 4
|
| Market capitalization: | $196.7 million
|
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