Gulf Oil and Gas accountACCOUNT

ERHC to Raise Capital in Registered Direct Offering

Source: www.gulfoilandgas.com 10/7/2010, Location: Africa

ERHC Energy, a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, has announced that it has entered into a definitive agreement with an institutional investor for a registered direct placement of approx. $2.0 million of common stock at a price of $0.22 per share. The Company will issue a total of 9,090,910 shares to the institutional investor.

In addition, the Company will issue to the investor warrants to purchase shares of common stock, which, if fully exercised, would provide an additional $1.9 million in gross proceeds to the Company. The warrants have an exercise price of $0.28 per share and are exercisable for a five (5) year period commencing on the closing date.

The Company anticipates that the additional capital from this investment will be used for general corporate purposes, which may include, but are not limited to potential acquisitions.

The offering is expected to close on or about October 12, 2010, subject to satisfaction of customary closing conditions, including the receipt of all necessary regulatory approvals. Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group, acted as the exclusive placement agent for the transaction.

Investment News in Guinea >>

Nigeria >>  2/26/2021 - Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat's policy not to comment on press articles, on this occa...
United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested 1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Guinea Oil & Gas 1 >>  2 |

More News

Related Links

AO BJ BW CD CG CI CM DJ DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.