Finance & Investing | Fundraising | Capital Markets
Ring Prices $49MM Offering to Fund Permian Deal
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Ring Energy, Inc. has priced an underwritten public offering of 4,500,000 shares of its common stock to the public at $11.50 per share.
The Company has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock from the Company at the offering price (less the underwriting discount). The Company expects to close the sale of the shares of common stock on June 23, 2015, subject to customary closing conditions. Net proceeds to the Company from the sale of 4,500,000 shares will be approximately $49 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering to fund a portion of the previously announced acquisition of producing wells and leaseholds in Culberson and Reeves Counties, Texas and for general corporate purposes.
In connection with the offering, SunTrust Robinson Humphrey, Inc. is acting as sole bookrunner, Seaport Global Securities LLC and Euro Pacific Capital Inc. are acting as senior co-managers, and IBERIA Capital Partners L.L.C., Northland Capital Markets, Roth Capital Partners and Ladenburg Thalmann are acting as co-managers.
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