Proceeds fund oil and gas development and general corporate purposes
By Devika Patel
Knoxville, Tenn., April 16 - Lucas Energy, Inc. arranged a $2 million private placement of units with Ironman Energy Master Fund, Ironman PI Fund II (QP), LP and John B. Helmers on April 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 3,333,332 units of one common share and a half-share warrant at $0.60 per unit. The whole warrants are exercisable at $1.00 for five years. The strike price is a 47.06% premium to the April 14 closing share price of $0.68.
Settlement is expected on April 21.
Proceeds will be used for oil and gas development and general corporate purposes.
Houston-based Lucas is an oil and natural gas exploration and development company.
| Issuer: | Lucas Energy, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $2 million
|
| Units: | 3,333,332
|
| Price: | $0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investors: | Ironman Energy Master Fund, Ironman PI Fund II (QP), LP and John B. Helmers
|
| Pricing date: | April 15
|
| Settlement date: | April 21
|
| Stock symbol: | NYSE Amex: LEI
|
| Stock price: | $0.68 at close April 14
|
| Market capitalization: | $19.79 million
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