By Sheri Kasprzak
New York, April 13 - U.S. Energy Corp. sealed up a $50 million standby equity distribution agreement with Cornell Capital Partners, LP.
Under the equity line, Cornell may buy shares of U.S. Energy at 98% of the lowest daily volume weighted average price for the five trading days following notice of a draw.
The term of the line is three years.
There is a $5 million limit on each draw.
U.S. Energy is a gold, uranium, vanadium and molybdenum exploration company located in Riverton, Wyo.
Issuer: | U.S. Energy Corp.
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Issue: | Standby equity distribution agreement
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Amount: | $50 million
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Price: | 98% of the lowest daily VWAP for the five trading days after notice of a draw
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Tenor: | Three years
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Warrants: | No
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Investor: | Cornell Capital Partners, LP
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Settlement date: | April 13
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Stock symbol: | Nasdaq: USEG
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Stock price: | $7.05 at close April 13
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