Deal sells 3.75 million units with three-year warrants at $2.00 each
By Devika Patel
Knoxville, Tenn., Jan. 22 - Lilis Energy Inc. said it settled a $7.5 million private placement of units. T.R. Winston & Co., LLC was the agent.
The company sold 3.75 million units of one common share and a warrant at $2.00 per unit.
The whole warrants are each exercisable at $2.50 for three years. The strike price represents a 6.38% premium to the Jan. 21 closing share price of $2.35.
Proceeds will be used for the company's Wattenberg drilling program, working capital and general corporate purposes.
The oil and gas company is based in Denver.
| Issuer: | Lilis Energy Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $7.5 million
|
| Units: | 3.75 million
|
| Price: | $2.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.50
|
| Agent: | T.R. Winston & Co., LLC
|
| Settlement date: | Jan. 22
|
| Stock symbol: | Nasdaq: LLEX
|
| Stock price: | $2.35 at close Jan. 21
|
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