GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays, announced that it has closed on a best-efforts public offering of 425,000 shares of its non-convertible 10.0% Series C Cumulative Preferred Stock (liquidation preference of $25.00 per share) at a public offering price of $21.00 per share. The 10.0% Series C Cumulative Preferred Stock began trading today on the NYSE MKT under the ticker symbol “GRH.PRC.”
MLV & Co. located in New York City acted as sole book runner for the offering. National Securities Corporation, Northland Capital Markets and Livingston Securities acted as co-managers.
The net proceeds to the Company from the offering were approximately $8.3 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use net proceeds from the offering for capital expenditures, working capital, existing acquisitions and development of salt water disposal facilities, repayment or refinancing of existing indebtedness, investments in its subsidiaries, or general corporate purposes. Pending any specific application, the Company may initially invest funds in short-term marketable securities or apply them to the reduction of short-term indebtedness.
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