SunTrust Robinson Humphrey, Carr Securities helped broker the offering
By Devika Patel
Knoxville, Tenn., June 30 - Carbon Natural Gas Co. said it completed a $30 million private placement of stock and convertible preferred stock on June 29.
The company sold 44,444,444 common shares at $0.45 per share and 100 preferreds at $100,000.00 per preferred. The price per share is a 12.5% premium to $0.40, the June 28 closing share price.
The preferreds will be automatically converted into 22,222,222 common shares once the company receives authorization for this.
SunTrust Robinson Humphrey, Inc. and Carr Securities Corp. were the agents.
Proceeds were used to complete Carbon's acquisition of oil and gas properties from Interstate Natural Gas Co. LLC, which also settled on June 29.
The oil and gas company is based in Denver.
| Issuer: | Carbon Natural Gas Co.
|
| Issue: | Common stock, convertible preferred stock
|
| Amount: | $30 million
|
| Warrants: | No
|
| Agents: | SunTrust Robinson Humphrey, Inc. and Carr Securities Corp.
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: CRBO
|
| Stock price: | $0.40 at close June 29
|
| Market capitalization: | $19.01 million
|
|
|
| Common stock
|
| Amount: | $20 million
|
| Shares: | 44,444,444
|
| Price: | $0.45
|
|
|
| Preferreds
|
| Amount: | $10 million
|
| Preferreds: | 100
|
| Price: | $100,000.00
|
| Conversion ratio: | Into 22,222,222 shares
|
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