FX Energy Inc. (NASDAQ: FXEN) priced a public offering of 800,000 common shares of its 9.25% Series B cumulative, convertible preferred stock at $25 per share, the company said July 10.
Stockholders may convert shares into common stock at a $5 per share conversion price, the company said.
Underwriters were granted a monthlong option to purchase additional stock to cover overallotments, FX Energy said.
Gross proceeds of about $20 million will fund seismic and drilling costs for operations in Poland’s Tuchola prospect, where the company has full working interest in 730,000 acres, the company said.
The offer is scheduled to close July 17, FX Energy said.
Additionally, FX Energy filed to list the Series B shares on NASDAQ under the symbol “FXENP,” the company said, noting that if it is approved, trading should begin in about a month.
MLV & Co. LLC and Euro Pacific Capital Inc. are joint book-running managers. Ladenburg Thalmann, a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), is lead manager, the company said. I-Bankers Securities Inc., Maxim Group LLC, and National Securities Corp., a wholly owned subsidiary of National Holdings Inc. (NHLD), are co-managers, the company said.
Salt Lake City-based FX Energy Inc. explores and produces oil and natural gas in the United States and Poland.
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