By Sheri Kasprzak
Atlanta, Nov. 8 - Westside Energy Corp. said Monday it sold $20 million in a private placement of stock, receiving $18.5 million after accounting for transaction fees.
The company sold 10 million shares at $2 to 48 investors.
The placement agent in the deal, which was not named, will receive $1.4 million in fees and a five-year warrant for 300,000 shares at $2.
Also, a promissory note issued to a third-party investor with a $300,000 balance was converted into 150,000 shares of common stock.
Westside now has 17,048,331 shares outstanding.
Westside is a Houston-based oil and gas acquisition, exploration and development company. It plans to use the proceeds from the financing to reduce debt and fund exploration and development of its oil properties. The company also plans to use the money for leasehold acquisition and for working capital and general corporate purposes.
| Issuer: | Westside Energy Corp.
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| Issue: | Stock
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| Amount: | $20 million
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| Shares: | 10 million
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| Price: | $2
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| Warrants: | No
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| Announcement date: | Nov. 8
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| Stock price: | $3 at close Nov. 5 (last trade)
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