By Devika Patel
Knoxville, Tenn., Nov. 6 - Magnum Hunter Resources Corp. orchestrated a $3.78 million registered direct offering of units, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 2,289,910 units of one common share and a fifth-share warrant at $1.73 apiece to affiliates and at $1.64 per unit to non-affiliates. The units will be sold in multiples of five to avoid splitting warrants. Each whole warrant is exercisable at $2.50 for three years.
Proceeds will be used for general working capital.
Magnum is a Houston-based independent exploration and development company.
| Issuer: | Magnum Hunter Resources Corp.
|
| Issue: | Units of one common share and a fifth-share warrant
|
| Amount: | $3,785,429
|
| Units: | 2,289,910
|
| Price: | $1.73 (affiliates), $1.64 (non-affiliates)
|
| Warrants: | One fifth-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.50
|
| Pricing date: | Nov. 6
|
| Stock symbol: | Amex: MHR
|
| Stock price: | $1.78 at close Nov. 6
|
| Market capitalization: | $72.6 million
|
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