GMX Resources Prices Its 2M-Share Offer at $34.82 Each; Expects Proceeds of $65.5 Millionadmin
Oil and gas explorer GMX Resources Inc. on Friday priced an offering of 2 million shares at $34.82 each, representing a 5.8 percent discount to the stock’s closing price Thursday of $36.83 on the Nasdaq.
GMX Resources said it expects proceeds of about $65.5 million and plans to use the money to fund its drilling program and for general corporate purposes.
As of Nov. 6 the company had 11.2 million shares of common stock outstanding.
A.G. Edwards acted as placement agent for the offering, and Ferris Baker Watts Inc., Capital One Southcoast Inc., First Albany Capital and Pickering Energy Partners acted as financial advisers.
Shares slid $1.73, or nearly 5 percent, to $35.10 in pre-market electronic trading.