U.S. Energy amends terms of $50 million equity line with Cornell

By Sheri Kasprzak

New York, June 8 - U.S. Energy Corp. has changed the terms of its previously announced $50 million equity line with Cornell Capital Partners, LP.

In particular, if the volume weighted average price of the company's stock over the pricing period before a draw is below the minimum acceptable price, the company will issue shares at a price equal to the greater of the price stated in the advance notice or the minimum acceptable price. The minimum acceptable price is equal to 95% of the volume weighted average price of the stock on the day before notice of a draw.

Under the terms of the three-year line, Cornell may buy shares of U.S. Energy at 98% of the lowest VWAP for the five trading days after notice of a draw.

U.S. Energy, located in Riverton, Wyo., is a gold, uranium, vanadium and molybdenum exploration company.

On Thursday, the stock lost 7.87%, or 35 cents, to settle at $4.10 (Nasdaq: USEG).

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