Funds used for drilling, logging, interpretation, production testing
By Devika Patel
Knoxville, Tenn., July 6 – Zion Oil & Gas, Inc. said it priced a $50.96 million rights offering of stock with an oversubscription privilege.
The company will offer 7.28 million rights for 29.12 million common shares at $1.75 apiece, a 7.41% discount to the closing share price of $1.89 on July 2. Investors will receive 0.2 subscription rights for every common share or preferred share held as of June 19, the record date.
Each right will entitle its holder to purchase four shares.
The offering will expire on Sept. 30.
Proceeds will be used for drilling, logging, interpretation and production testing, geological and geophysical studies and general corporate purposes.
Based in Dallas, Zion is an oil and gas exploration-stage company.
| Issuer: | Zion Oil & Gas, Inc.
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| Issue: | Common stock
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| Amount: | $50.96 million
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| Shares: | 29.12 million
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| Price: | $1.75
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| Warrants: | No
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| Pricing date: | July 6
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| Record date: | June 19
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| Expiration date: | Sept. 30
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| Stock symbol: | Nasdaq: ZN
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| Stock price: | $1.89 at close July 2
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| Market capitalization: | $67.69 million
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