Synergy Resources Reveals 19.5 Million Public Offering

Synergy Resources Corp SYRG disclosed it plans to sell 19.5 Million shares through the underwritten public offering mode. In a statement, the company indicated it would permit the underwriters an option of 30 days to acquire a maximum of 2.925 million shares.

According to Synergy Resources, the underwriters plan to offer the shares in the OTC market of NYSE. The company said the sale of the shares would be at the market prices or through negotiated transactions.

The company indicated it would use the net proceeds for general corporate purposes. That included continued development of its acreage position in the Wattenberg Field in Colorado.

The book-running manager to the issue was Credit Suisse Securities (USA) LLC.

Shares of the company ended Friday with a 3.7 percent gain.