Deal also includes 50% warrant coverage; preferreds have 8% dividends
By Devika Patel
Knoxville, Tenn., June 2 - Lilis Energy, Inc. said it settled a $7.5 million private placement of series A 8% convertible preferred stock on May 30.
The preferreds have a conversion price of $2.41 per share, which is a 0.42% premium to the May 29 closing share price of $2.40.
The preferreds were sold with 50% warrant coverage. The warrants are each exercisable at $2.89 for five years. The strike price is a 20.42% premium to the May 29 closing share price.
The oil and gas company is based in Denver.
Issuer: | Lilis Energy Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $7.5 million
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Dividends: | 8%
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Conversion price: | $2.41
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Call: | Yes
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Warrants: | 50% coverage
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Warrant expiration: | Five years
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Warrant strike price: | $2.89
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Settlement date: | May 30
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Stock symbol: | Nasdaq: LLEX
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Stock price: | $2.40 at close May 29
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