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Synergy Resources Stock Tanks After Pricing Of Its Underwritten Public Issue

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Synergy Resources Corp (NYSE: SYRG) said it has priced its public issue of 19.5 million shares. The company indicated the total gross proceeds would be approximately $150 million. Credit Suisse is the acting lead book-running manager for the issue.

Synergy Resources has already granted 30 days options to the underwriters for a maximum of 2.925 million shares. The company expects the offering to close on or before April 14, 2016 though subject to closing conditions.

The company stated the offer was made following an effective shelf registration statement previously filed with Securities and Exchange Commission. The current issue was in respect of a prospectus supplement apart from accompanying prospectus.

Following the news, shares of the company are trading down by 6.18 percent.

 

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