Proceeds earmarked for ongoing acquisitions, general working capital
By Devika Patel
Knoxville, Tenn., March 23 - UnionTown Energy Inc. said it will conduct a $2.5 million private placement of stock at $2.50 per share.
The company will sell 1 million common shares at that price, which is a 20.19% premium to the March 22 closing share price of $2.08.
Proceeds will fund ongoing acquisitions and provide general working capital.
The oil and gas company is based in Billings, Mont.
| Issuer: | UnionTown Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $2.5 million
|
| Shares: | 1 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Pricing date: | March 23
|
| Stock symbol: | OTCBB: UTOG
|
| Stock price: | $2.08 at close March 22
|
| Market capitalization: | $497.64 million
|
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