Saratoga sells $5.81 million of units through $13.25 million placement

Company offers units of two shares and one warrant at $6.00 apiece

By Devika Patel

Knoxville, Tenn., April 28 - Saratoga Resources, Inc. completed a $5.81 million tranche of a $13.25 million private placement on April 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. Prosdocimi Ltd. was the agent, and the company raised $7.44 million in the placement between April 21 and April 27.

The company sold 1,240,658 units of two common shares and one warrant at $6.00 apiece in the first tranche and 968,001 units in the second.

Each warrant is exercisable at $5.00 for two years. The strike price is a 92.31% premium to $2.60, the April 20 closing share price.

Saratoga is a Houston-based oil and gas exploration and production company.

Issuer:	Saratoga Resources, Inc.
Issue:	Units of two common shares and one warrant
Amount:	$13,251,954
Units:	2,208,659
Price:	$6.00
Warrants:	One warrant per unit
Warrant expiration:	Two years
Warrant strike price:	$5.00
Agent:	Prosdocimi Ltd.
Settlement dates:	April 21 through April 27 (for $7,443,948), April 27 (for $5,808,006)
Stock symbol:	Pink Sheets: SROE
Stock price:	$2.75 at close April 21
Market capitalization:	$51.97 million

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