Finance & Investing | Capital Markets
American Eagle Prices $72.6MM Offering to Fund Spyglass JV
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American Eagle Energy has priced an underwritten public offering of 11,000,000 shares of the Company's common stock at a price of $6.60 per share after giving effect to a 1-for-4 reverse stock split that occurred after the closing of the market this afternoon and will be in effect as of the opening of the market and the commencement of trading on March 19, 2014.
The Company has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock. The Company plans to use the net proceeds from this offering (i) to fund the exercise of its purchase option to acquire a portion of its JV partner's interests in its existing acreage and wells in the Spyglass Area, (ii) to fund a portion of its capital budget for the 12-month period ending December 31, 2014, and (iii) for general corporate purposes, including working capital and additional leasehold acquisitions.
Johnson Rice & Company L.L.C. is acting as sole book-running manager, Northland Capital Markets and Euro Pacific Capital are acting as senior co-managers, and Canaccord Genuity and Wunderlich Securities are acting as co-managers of the offering.
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