GeoResources makes private placement, shares slip in pre-market
Oil and gas company GeoResources, Inc. (Nasdaq: GEOI) said this morning that it will sell 1.53 million shares of common stock in a private placement for $22.50 per share for gross proceeds of $34.5 million, pushing shares lower in pre-market trading.
The company said it will use proceeds from the transaction will be used to repay indebtedness and to fund exploration and development, acquisitions, hedging activities and general corporate purposes.
Shares slipped 11.4%, or $3.21, to $24.99 in pre-market trading. For detailed price information and recent news stories about GeoResources, click GEOI.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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