Proceeds will be used to pay for recently acquired oil, gas properties
By Devika Patel
Knoxville, Tenn., Dec. 6 - ante5 Inc. gave further details about a private placement of stock in an 8-K filed Monday with the Securities and Exchange Commission. It hopes to raise $11 million in this placement, which was announced Nov. 3.
The company sold a total of 9,445,500 common shares at $1.00 apiece for $9.45 million. The price per share is a 47.06% premium to $0.68, the Nov. 2 closing share price.
Proceeds will be used to pay the cash portion of the purchase price for the oil and gas properties the company bought in October, to fund the company's share of the drilling, completion and operating costs that are expected to be incurred by it on these properties and for general working capital purposes.
"The process is moving so quickly," Ante5 board member Lyle Berman said of the placement in a Nov. 3 company news release announcing the placement. "We thought it was important to let current and potential shareholders know of our progress."
The development-stage company is based in Las Vegas.
| Issuer: | ante5 Inc.
|
| Issue: | Common stock
|
| Amount: | $11 million
|
| Shares: | 11 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Announcement date: | Nov. 3
|
| Settlement date: | Nov. 18 (for about $9,445,500)
|
| Stock symbol: | Pink Sheets: ANFC
|
| Stock price: | $0.88 at close Nov. 3
|
| Market capitalization: | $22.36 million
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