Company provides exact terms of placement in 8-K filing with SEC
By Susanna Moon
Chicago, Aug. 23 - Ring Energy, Inc. sold $19,407,190 of common shares in the private placement that closed June 28, according to an 8-K filing with the Securities and Exchange Commission. The deal was announced June 26 with approximate numbers.
The company sold 3,528,580 common shares at $5.50 per share.
Ring Energy said on June 26 that it settled a private placement of stock for about $19.3 million, selling about 3.5 million restricted common shares at $5.50 per share.
As previously noted, the price per share was a 26.67% discount to the June 25 closing share price of $7.50.
Proceeds will be used for the enhancement and development of Ring's Permian Basin assets, site preparation on the company's Kansas leases and general acquisition and leasing activity.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Restricted common shares
|
| Amount: | $19,407,190
|
| Shares: | 3,528,580
|
| Price: | $5.50
|
| Warrants: | No
|
| Settlement date: | June 28
|
| Stock symbol: | OTCBB: RNGE
|
| Stock price: | $7.50 at close June 25
|
| Market capitalization: | $114.03 million
|
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