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Tuesday, May 19, 2015 3:27:08 AM
Pedevco, a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects, including shale oil and gas assets, in the United States, announced today the closing of its previously disclosed underwritten public offering of 5,600,000 shares of its common stock. In connection with the offering, the company has also granted the underwriter a 45-day option to purchase up to 840,000 additional shares of common stock from the company to cover any over-allotments, if any.
The net proceeds to the company from the offering were approximately $2.35 million after deduction of underwriting discounts and estimated offering expenses, provided that if the underwriter exercises the overallotment option in full, the total net proceeds to the company will be approximately $2.73 million. The company plans to use the net proceeds from the offering to extend and acquire additional leasehold rights in the Denver-Julesburg (D-J) Basin in Colorado, fund working capital, and for general corporate purposes.
Recent PED News
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