By Devika Patel
Knoxville, Tenn., Oct. 19 - Royale Energy Inc. said it plans to complete a private placement of stock for $2 million.
The company will sell 623,053 common shares at $3.21 per share.
Purchasers also will receive warrants for 342,679 shares, which are each exercisable at $3.53 for five years.
J.P. Turner & Co. was the agent for one investor.
Proceeds will be used for working capital.
San Diego, Calif.-based Royale Energy is an independent oil and natural gas producer.
| Issuer: | Royale Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 623,053
|
| Price: | $3.21
|
| Warrants: | For 342,679 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.53
|
| Agent: | J.P. Turner & Co.
|
| Pricing date: | Oct. 19
|
| Stock symbol: | Nasdaq: ROYL
|
| Stock price: | $3.69 at close Oct. 16
|
| Market capitalization: | $27.7 million
|
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