Through a public offering of 11 million common shares, priced at $6.60 each, American Eagle Energy Corp. (NYSE MKT: AMZG) received millions in equity, according to both American Eagle Energy and Northland Capital Markets, one of the offering’s senior co-managers.
A 1-for-4 reverse stock split, that occurred after market close March 18, was given effect before the offer was priced, American Eagle Energy noted March 18.
The offer included a monthlong underwriters' option for the purchase of up to 1,650,000 additional shares, American Eagle Energy added.
A total of $72.6 million in equity capital was raised, Northland Capital Markets said March 19.
American Eagle Energy will use net proceeds to fund part of its 2014 capex and for general purposes including working capital and leasehold acquisitions, Northland Capital said.
Proceeds will also allow American Eagle Energy to exercise the offering’s purchase option, Northland Capital said, noting that American Eagle Energy will use the purchase option to acquire part of the Spyglass area interests of its joint-venture partner.
Johnson Rice & Co. LLC was sole book-running manager, and Euro Pacific Capital Inc. was the second senior co-manager, American Eagle Energy said, noting that Canaccord Genuity Group Inc. and Wunderlich Securities Inc. were also co-managers.
Denver-based American Eagle Energy Corp. explores, acquires and operates Williston Basin acreage, specifically the Bakken/Three Forks areas.
Northland Capital Markets is part of Minneapolis-based Northland Securities Inc., a full service broker-dealer.
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