21,428,580 common shares sold with 2,142,858 warrants to Relational
By Devika Patel
Knoxville, Tenn., May 28 - Magnum Hunter Resources Corp. said it plans a $150 million private placement of stock with Relational Investors LLC.
The company will sell 21,428,580 common shares at $7.00 per share, which is a 4.5% discount to the May 27 closing share price of $7.33.
Relational will also receive 2,142,858 warrants, which are each exercisable at $8.50. The strike price is a 15.96% premium to the May 27 closing share price.
Settlement is expected May 29.
Proceeds will be used for general corporate purposes.
Magnum is a Houston-based oil and gas exploration and development company.
Issuer: | Magnum Hunter Resources Corp.
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Issue: | Common stock
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Amount: | $150 million
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Shares: | 21,428,580
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Price: | $7.00
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Warrants: | 2,142,858
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Warrant strike price: | $8.50
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Investor: | Relational Investors LLC
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Pricing date: | May 28
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Settlement date: | May 29
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Stock symbol: | NYSE: MHR
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Stock price: | $7.33 at close May 27
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Market capitalization: | $1.39 billion
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