Series B redeemable preferreds sold with warrants for 128,750 shares
By Devika Patel
Knoxville, Tenn., Sept. 24 - Miller Energy Resources, Inc. completed a $2.58 million private placement of series B redeemable preferred stock on Sept. 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold preferreds at $100 apiece. The 12% preferreds may be called and are not convertible into common stock. Miller may redeem the preferreds.
Investors also received three-year warrants for 128,750 shares. The warrants are each exercisable at $5.28, which is a 3.53% premium to the Sept. 21 closing share price of $5.10.
Proceeds will be used for general working capital.
Miller is a Knoxville-based oil and natural gas company.
| Issuer: | Miller Energy Resources, Inc.
|
| Issue: | Series B redeemable preferred stock
|
| Amount: | $2,575,000
|
| Price: | $100
|
| Dividends: | 12%
|
| Call: | Yes
|
| Warrants: | For 128,750 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $5.28
|
| Settlement date: | Sept. 24
|
| Stock symbol: | NYSE: MILL
|
| Stock price: | $5.10 at close Sept. 21
|
| Market capitalization: | $170.92 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
