NRC Holding buys 2.8 million common shares at $2.15 per share in deal
By Devika Patel
Knoxville, Tenn., April 29 – T-Rex Oil Inc. said it has arranged a $6.02 million private placement of stock with NRC Holding, Ltd.
The company will sell 2.8 million common shares at $2.15 apiece. The price per share is an 81.82% premium to the April 28 closing share price of $0.11.
“The closing of this financing will provide us with not just the ability to support ongoing operations and continue with the development of our existing properties, but also will provide us with an opportunity to take advantage of the properties that are currently coming on to the market due to current industry conditions,” chief executive officer Don Walford said in a press release.
The oil and natural gas company is based in Broomfield, Colo.
| Issuer: | T-Rex Oil Inc.
|
| Issue: | Securities purchase agreement
|
| Amount: | $6.02 million
|
| Shares: | 2.8 million
|
| Price: | $2.15
|
| Warrants: | No
|
| Investor: | NRC Holding, Ltd.
|
| Pricing date: | April 29
|
| Stock symbol: | OTCBB: VSUL
|
| Stock price: | $0.11 at close April 28
|
| Market capitalization: | $5.86 million
|
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