Zion Oil & Gas Inc (ZNOG)

[geodan]

2011 RIGHTS OFFERING

This is new to me, but I do not follow ZN all that close, found it in your link



Zion is currently holding a Rights Offering, open to every stockholder who held Zion stock as of the close of business on June 15, 2011, the record date of the offering.

For full details of the rights offering please review the prospectus supplement (that contains a description of the rights offering and other information) and the subscription documents that have been sent to the holders of record on June 15, 2011. The prospectus supplement is available if you click here.

For your ease of reference, here are some of the basic details of the rights offering:

Under the rights offering, Zion distributed (at no cost to stockholders) non-transferable subscription rights to holders of Zion's common stock on the close of business on the record date of June 15, 2011, to purchase their pro rata portion of 6.25 million Units of Zion's securities at a purchase price of $5.00 per Unit.

ONE UNIT (purchase price $5.00)
consists of:
ONE SHARE of Zion's common stock
plus
WARRANTS to purchase TWO additional shares

of Zion's common stock, within one year of the closing of the offering, at an exercise price of $3.50 per Share.

Under the rights offering, stockholders of record on June 15, 2011 have the right to subscribe for ONE Unit for every FOUR shares of common stock owned on the record date, equivalent to 0.25 subscription rights for each share of common stock owned on June 15, 2011.