By Laura Lutz
Des Moines, Nov. 12 - InterOil Corp. announced a $25 million private placement of stock with institutional investors. A first tranche, for $10 million, settled on Friday.
In total, InterOil plans to sell 1,078,516 shares at $23.18 each. The first tranche included 431,406 shares.
Settlement of the rest of the placement depends on regulatory approvals.
Proceeds will be used for appraisal and development of the company's Elk and Antelope structures, including contracting of a second drill rig.
InterOil is an oil and gas company with headquarters in the Woodlands, Texas.
| Issuer: | InterOil Corp.
|
| Issue: | Stock
|
| Amount: | $25 million
|
| Shares: | 1,078,516
|
| Price: | $23.18
|
| Warrants: | No
|
| Announcement date: | Nov. 12
|
| Settlement date: | Nov. 9 (for $10 million)
|
| Stock symbol: | Amex: IOC
|
| Stock price: | $20.67 at close Nov. 9
|
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