Sale of 7 million shares funds debt repayment and corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 11 - Dakota Plains Holdings, Inc. arranged a $15.05 million registered direct offering of stock on Dec. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Canaccord Genuity Inc. is the lead agent and Northland Capital Markets is co-agent.
The company will sell 7 million common shares $2.15 per share, which is a 26.62% discount to the Dec. 9 closing share price of $2.93.
Settlement is expected on Dec. 16.
Proceeds will be used to repay debt and for other general corporate purposes.
The Wayzata, Minn., company transports crude oil and related products.
| Issuer: | Dakota Plains Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $15.05 million
|
| Shares: | 7 million
|
| Price: | $2.15
|
| Warrants: | No
|
| Agent: | Canaccord Genuity Inc, (lead), Northland Capital Markets (co-agent)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 16
|
| Stock symbol: | OTCBB: DAKP
|
| Stock price: | $2.93 at close Dec. 9
|
| Market capitalization: | $93.31 million
|
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