By Devika Patel
Knoxville, Tenn., June 9 - Royale Energy Inc. announced Monday that it has negotiated a $4 million private placement of stock, which is expected to close on Monday as well.
The company will sell 547,945 common shares at $7.30 per share. Investors also will receive warrants for 191,781 shares, which are exercisable at $7.30.
J.P. Turner & Co. was the agent.
Proceeds will be used for general working capital that will allow the company to accelerate drilling and development on several key projects.
San Diego, Calif.-based Royale Energy is an independent oil and natural gas producer.
| Issuer: | Royale Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $4 million
|
| Shares: | 547,945
|
| Price: | $7.30
|
| Warrants: | For 191,781 shares
|
| Warrant strike price: | $7.30
|
| Agent: | J.P. Turner & Co.
|
| Pricing date: | June 9
|
| Settlement date: | June 9
|
| Stock symbol: | Nasdaq: ROYL
|
| Stock price: | $9.18 at close June 6
|
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