By Sheri Kasprzak
New York, July 21 - Abraxas Petroleum Corp. has completed a private placement for $12 million.
The company sold 4 million shares at $3.00 each to institutional investors. The price per share represents a 6% discount to the company's 15-day trading average.
The proceeds will be used for development drilling in Texas and Wyoming and for working capital and general corporate purposes.
Energy Capital Solutions, LP was the placement agent.
Based in San Antonio, Abraxas is an oil and natural gas exploitation and production company.
| Issuer: | Abraxas Petroleum Corp.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 4 million
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| Price: | $3.00
|
| Warrants: | No
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| Placement agent: | Energy Capital Solutions, LP
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| Settlement date: | July 21
|
| Stock price: | $3.70 at close July 21
|
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