Proceeds earmarked for ongoing acquisitions, general working capital
By Devika Patel
Knoxville, Tenn., April 27 - UnionTown Energy Inc. said its private placement of stock has been oversubscribed and increased to $3 million from $2.5 million. The deal priced March 23 and was increased on April 21.
The company is now selling 1.2 million common shares at $2.50 per share, 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. UnionTown also said it is negotiating a non-brokered $5 million private placement.
The oil and gas company is based in Billings, Mont.
| Issuer: | UnionTown Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 1.2 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Pricing date: | March 23
|
| Upsized: | April 21
|
| Stock symbol: | OTCBB: UTOG
|
| Stock price: | $2.08 at close March 22
|
| Market capitalization: | $398.97 million
|
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