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.


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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