Brokered financing funds to be used for general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 7 - ERHC Energy Inc. negotiated a registered direct offering of units, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission. Rodman & Renshaw, LLC is the agent.
The company will raise $2 million for general corporate purposes, including exploration and development activities, regulatory affairs expenses, capital expenditures, potential acquisitions and working capital.
ERHC will sell 9,090,910 units of one common share and 0.75 warrants at $0.22 apiece.
The whole, five-year warrants are exercisable at $0.28, a 3.45% discount to the Oct. 6 closing price of $0.29.
Settlement is expected Oct. 12.
Based in Houston, ERHC is an oil exploration company.
| Issuer: | ERHC Energy Inc.
|
| Issue: | Units of one common share and 0.75 warrants
|
| Amount: | $2 million
|
| Shares: | 9,090,910
|
| Price: | $0.22
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.28
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 12
|
| Stock symbol: | OTCBB: ERHE
|
| Stock price: | $0.29 at close Oct. 6
|
| Market capitalization: | $181.49 million
|
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