Lucas Energy LEI today
announced that it has undertaken a registered offering to certain
institutional investors to raise up to $1.32 million in gross proceeds from
the sale of 800,000 units at a price of $1.65 per unit. Each unit consists of
one share of the Company's common stock and 0.25 of a warrant to purchase one
share of the Company's common stock. Each warrant can be exercised to
purchase one share of the Company's common stock at an exercise price of $2.00
per share at any time during the one-year period following the closing of the
offering. It is anticipated that a total of 800,000 shares and 200,000
warrants will be sold in connection with the offering. The Company plans to
use the proceeds from the offering to pay down expenses related to drilling,
lease operating, and workover activities and for general corporate purposes,
including general and administrative expenses.
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