Debt | Capital Markets | Capital Expenditure
Permian-Focused Red Mountain Closes Stock Offering; Talks 2014 Fiscal Year
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Red Mountain Resources Inc. has closed public offerings of 6,428,572 shares of common stock and 476,687 units, including units issued in cancellation of outstanding indebtedness.
Each unit consists of one share of the Company's 10.0% Series A Cumulative Redeemable Preferred Stock and one warrant to acquire 25 shares of common stock at an exercise price of $1.00 per share. The units were not issued. Rather, the shares of Series A Preferred Stock and the warrants immediately separated and were issued separately.
The Company sold the units at a price to the public of $22.50 per unit and sold the common stock at a price to the public of $0.70 per share. The Company raised gross cash proceeds from the offerings of $13.0 million. In addition, the Company sold 100,002 units in cancellation of…
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