By Devika Patel
Knoxville, Tenn., June 6 - GeoResources, Inc. said it will raise $34.43 million from a private placement of stock.
The company plans to sell 1.53 million common shares at $22.50 per share.
The investors also will receive five-year warrants for 613,000 shares, exercisable at $32.43.
Wachovia Securities is the placement agent.
Proceeds will be used to repay debt, fund exploration and development, acquisitions, hedging activities and general corporate purposes.
GeoResources is a Houston-based owner and operator of producing oil and gas properties.
| Issuer: | GeoResources, Inc.
|
| Issue: | Common stock
|
| Amount: | $34,425,000
|
| Shares: | 1.53 million
|
| Price: | $22.50
|
| Warrants: | For 613,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $32.43
|
| Agent: | Wachovia Securities
|
| Pricing date: | June 6
|
| Stock symbol: | Nasdaq: GEOI
|
| Stock price: | $28.20 at close June 5
|
© 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.
