By Devika Patel
Knoxville, Tenn., Sept. 16 - China North East Petroleum Holdings Ltd. said it arranged an $18.4 million registered direct offering of stock.
The company will sell 4 million common shares at $4.60 apiece. Investors also will receive warrants for 800,000 shares, which are exercisable at $6.00 for 30 months.
Rodman & Renshaw, LLC is the agent.
Settlement is expected Sept. 18.
Proceeds will be used to fund a business expansion plan and for general working capital.
China North East is a crude oil production company based in Harbin, China.
| Issuer: | China North East Petroleum Holdings Ltd.
|
| Issue: | Common stock
|
| Amount: | $18.4 million
|
| Shares: | 4 million
|
| Price: | $4.60
|
| Warrants: | For 800,000 shares
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $6.00
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 18
|
| Stock symbol: | Amex: NEP
|
| Stock price: | $5.03 at close Sept. 15
|
| Market capitalization: | $98.4 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
