Company plans to use proceeds to enter oil and gas business
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Ante5, Inc. has received commitments for $2.6 million in a private placement of common stock and indications of interest in excess of $6 million, according to a company news release.
The shares are being sold for $1.00 each, which is a 47.06% premium to the company's closing share price on Nov. 2.
Proceeds will be used to launch the company into the North Dakota oil and gas business, focusing on obtaining and exploiting leases in the Williston Basin, primarily targeting the Bakken and Three Forks formations.
Las Vegas-based Ante5 is the successor to royalty and other passive rights in the entertainment and gaming industries received when it was spun off from Ante4, Inc., which is now known as Voyager Oil & Gas, Inc.
| Issuer: | Ante5, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.6 million or more
|
| Price: | $1.00
|
| Warrants: | No
|
| Pricing date: | Nov. 3
|
| Stock symbol: | Pink Sheets: ANFC
|
| Stock price: | $0.68 at close Nov. 2
|
| Market capitalization: | $17.25 million
|
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