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FX Energy Inc announces closing of public offering of Series B preferred stock


Thursday, 17 Jul 2014 01:22pm EDT 

FX Energy Inc:Closes its underwritten public offering of 800,000 shares of 9.25 pct Series B Cumulative Convertible Preferred Stock at public offering price of $25.00 per share.Holders of Series B Preferred Stock may convert their shares, in whole or in part, into shares of company's common stock at conversion price of $5.00 per share.Company may cause conversion of Series B Preferred Stock if trading price of common stock exceeds $6.00 for 20 trading days in any consecutive 30 trading day period.In connection with offering, company granted underwriters 30-day option to purchase additional shares of Series B Preferred Stock to cover over-allotments, if any.Aggregate gross proceeds from offering, before deducting underwriting discounts and commissions and offering expenses payable by company, were $20 mln.Company intends to use net proceeds from offering primarily to fund seismic and new drilling costs near its Tuchola discovery, which is located in the Edge license in north central Poland, where company holds 100% working interest in 730,000 acres. 

Company Quote

2.72
0.09 +3.42%
21 Nov 2014