Red Mountain to issue common shares for 222,224 series A preferreds

By Jennifer Chiou

New York, May 13 - Red Mountain Resources, Inc. entered into agreements to issue 1,388,898 shares of its common stock in exchange for 222,224 shares of its 10% series A cumulative redeemable preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

After the exchange, the company will have 254,463 of the preferreds outstanding with an aggregate redemption amount of $6.4 million.

Red Mountain is a Dallas-based oil and gas company.

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