Lucas Energy Announces $1.32M Equity Offering
Lucas Energy (NYSE: 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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