- Lucas Energy (LEI +110.4%) more than doubles at the open on news it secured $10M of equity capital from an institutional investor, with an additional $5M to be made available through the exercise of an additional warrant upon mutual consent.
- LEI says the initial investment is in the form of a redeemable convertible subordinated debenture to be converted into common stock at $3.25/share.
- LEI says the placement "demonstrates confidence in the future of Lucas Energy as we progress towards closing on the Segundo Resources asset purchase, [and] establishes some certainty that we can initiate growth and development activities upon closing the acquisition."