Lucas Energy Inc. (NYSE: LEI) detailed a $2 million equity offering April 16. Pursuant to an agreement with Ironman Energy Master Fund and John B. Helmers of Long Focus Capital Management, Lucas Energy will sell 3,333,332 common units priced at 60 cents each, the company said.
The units are comprised of one common share plus share purchase warrants, Lucas Energy said. The warrants allow 1,666,666 common shares to be purchased at $1 each at a five-year term, the company added.
Net proceeds will support oil and natural gas development, as well as general corporate purposes, Lucas Energy said.
The offer is scheduled to close April 21, the company noted.
"We are encouraged to have two of our existing significant shareholders, Ironman and Mr. Helmers, demonstrate a vote of confidence by taking an increased stake in our company," said Anthony C. Schnur, CEO of Lucas.
Additionally, Lucas Energy’s deadline to regain compliance with NYSE was extended until July 31, the company said, noting that the exchange accepted its compliance plan March 28.
Houston-based Lucas Energy Inc. operates in the Austin Chalk, Eaglebine and Eagle Ford areas.
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