Deal sells 10 million shares with secondary sale of 1,487,000 shares
By Devika Patel
Knoxville, Tenn., Oct. 2 – Four Energies, Inc. priced its $5 million initial public sale of stock along with a $743,500 secondary sale, according to a Form S-1 filed Friday with the Securities and Exchange Commission.
The company will sell 10 million common shares at $0.50 per share on a best-efforts basis. Selling stockholders will sell 1,487,000 shares at the same price in the secondary sale.
The offering terminates in two years.
Proceeds will be used to purchase additional producing oil and gas leases.
The Austin, Texas, shell company’s subsidiary, Xon Energy Resources, Inc., holds the leasehold interests of about 213 acres in Wichita Falls, Texas, that contain 35 oil wells.
| Issuer: | Four Energies, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 10 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Pricing date: | Oct. 2
|
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