Agent Cabot Lodge Securities, LLC sells units of a share, 0.4 warrants
By Toni Weeks
San Luis Obispo, Calif., Feb. 25 - Osage Exploration and Development, Inc. raised $4.41 million in a private placement of units on Feb. 25, according to an 8-K filing with the Securities and Exchange Commission.
The company issued 4.9 million units of one common share and 0.4 warrants at $0.90 per share. Each whole warrant is exercisable at $1.80 per share for five years. The strike price is a 63.64% premium to the closing share price of $1.10 on Feb. 24.
The private placement is expected to bring in gross proceeds of $5.4 million, the company said in the 8-K.
Cabot Lodge Securities, LLC was the agent.
Osage is an oil and gas exploration company in San Diego.
| Issuer: | Osage Exploration and Development, Inc.
|
| Issue: | Units of one share and 0.4 warrants
|
| Amount: | $5.4 million
|
| Price: | $0.90 per unit
|
| Coupon: | 0%
|
| Warrants: | 0.4 warrants per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.80
|
| Agent: | Cabot Lodge Securities, LLC
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| Settlement date: | Feb. 25 (for $4.41 million)
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| Stock symbol: | OTCBB: OEDV
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| Stock price: | $1.10 at close Feb. 24
|
| Market capitalization: | $54.34 million
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