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  • Lucas Energy, Inc. (LEI) Raises Capital in Equity Offering 0 comments
    Dec 28, 2010 3:40 PM | about stocks: LEI

    Lucas Energy, Inc. announced an agreement to raise capital through the sale of common stock and warrants in a direct registered offering to a group of institutional investors. The deal is expected to close before the end of 2010.

    Lucas Energy, Inc. will issue 2.5 million units at a price of $2.38 per unit, raising approximately $5.6 million in net proceeds for the company after commissions and expenses.

    One of the institutional investors associated with the deal is Hall Phoenix Inwood Ltd., which is owned by Hall Phoenix Energy, LLC. This entity is involved in a joint venture with Lucas Energy, Inc. that is developing properties in Texas which are prospective for the Eagle Ford Shale. Lucas Energy, Inc. said that the proceeds would be used to fund the company’s oil and gas development program in 2011.

    Lucas Energy, Inc. reported that each unit issued by the company is composed of one common share of stock, a Series A warrant and a Series B warrant. The warrants entitle the holder to purchase additional shares of common stock at a specified price within a specific time frame. Lucas Energy, Inc. said that if all the warrants are exercised, the company would receive approximately $18 million in proceeds.

    For more information on the company, go to lucasenergy.com

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

    Stocks: LEI
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