Shareholders to receive one right for every three common shares owned
By Devika Patel
Knoxville, Tenn., Dec. 28 - ERHC Energy Inc. said it plans a rights offering of up to 246,486,285 shares.
The company distributed one non-transferable subscription right on a pro rata basis to its stockholders for every three shares owned as of the close of business on the Dec. 17 record date.
Each subscription right entitles its holder to purchase one common share at $0.075 per share, which is a 6.25% discount to the Dec. 27 closing share price of $0.08. In addition, investors who fully exercise all of their subscription rights may purchase additional shares that remain unsold after the offering has expired on Jan. 31.
Proceeds will be used for exploration and development activities, as well as for general corporate purposes and working capital needs.
Based in Houston, ERHC is an oil exploration company.
| Issuer: | ERHC Energy Inc.
|
| Issue: | Subscription rights to purchase common shares (one right for every three shares owned)
|
| Shares: | 246,486,285 (maximum)
|
| Price: | $0.075
|
| Warrants: | No
|
| Pricing date: | Dec. 28
|
| Settlement date: | Jan. 31
|
| Stock symbol: | OTCBB: ERHE
|
| Stock price: | $0.08 at close Dec. 27
|
| Market capitalization: | $55.46 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.
