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Emerald Oil Inc Announces Pricing Of Upsized Public Offering Of Common Stock


Friday, 17 May 2013 08:30am EDT 

Emerald Oil Inc announced that it has priced an underwritten public offering of 12,000,000 shares of the Company's common stock at $6.10 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock. The Company intends to use the net proceeds from this offering, along with cash on hand and the proceeds from its recently announced private placement with White Deer Energy, cash flow from operations, proceeds from the sale of assets and additional borrowings under the credit facility, to fund its capital budget in 2013. Any remaining net proceeds will be used for general corporate purposes, including working capital. The offering is expected to settle on May 22, 2013, subject to the satisfaction of customary closing conditions. In connection with the common stock offering, Canaccord Genuity Inc. and Johnson Rice & Company L.L.C. are acting as joint book-running managers and Global Hunter Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as co-managers. 

Company Quote

2.58
-0.09 -3.37%
26 Nov 2014