U.S. Energy redeems outstanding series A convertible preferreds

By Taylor Fox

New York, Jan. 7 – U.S. Energy Corp. redeemed all of its outstanding series A convertible preferred stock in exchange for a combination of cash and common stock on Dec. 31, according to a news release.

The preferred stock was redeemed in exchange for $2 million in cash and 328,000 shares of U.S. Energy common stock.

The convertible preferred stock had a liquidation preference of $3.5 million at Sept. 30 and accrued quarterly dividends of 12.25% per annum.

As a result of the exchange agreement, the company no longer has any series A convertible stock issued or outstanding and the investor rights agreement by and between U.S. Energy and the holder of the preferred stock has been terminated.

U.S. Energy is a Riverton, Wyo.-based natural resources exploration and development company.

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