By Sheri Kasprzak
New York, Nov. 15 - Omni Energy Services Corp. said it received an equity line for up to $12.5 million from Fusion Capital Fund II, LLC.
Fusion will buy shares of Omni Energy at the lowest price of the company's stock for the 12 consecutive trading days before a draw for 25 months. There is a $2.39 floor for the price per share.
Omni may not sell more than $25,000 in shares in each trading day of the term.
From Nov. 11 and until 30 days after Fusion has bought $12.5 million in shares, Fusion may buy up to $12.5 million in additional shares of Omni for up to 25 months.
Proceeds will be used for acquisitions, debt reduction and working capital.
Based in Carencro, La., Omni Energy Services provides seismic drilling services to geophysical companies.
| Issuer: | Omni Energy Services Corp.
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| Issue: | Equity line
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| Amount: | $12.5 million
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| Tenor: | 25 months
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| Price: | The lowest price of Omni's stock for the 12 consecutive trading days before a draw, $2.39 floor
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| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Settlement date: | Nov. 11
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| Stock price: | $2.59 at close Nov. 11
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