Voyager Oil & Gas Inc. (NYSE: EOX) announced that it has priced a public offering of 93,750,000 shares of its common stock to the public at $0.80 per share.
The gross proceeds to Emerald from the offering are expected to be $75.0 million, and the net proceeds are expected to be approximately $69.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses.
Emerald expects to close the sale of the shares of common stock on Sept. 28, 2012, subject to customary closing conditions.
Emerald expects to use the net proceeds from this offering, along with cash on hand, to repay a portion of its outstanding indebtedness, fund its drilling and development expenditures and leasehold acquisitions, including its recently announced proposed leasehold acquisition, and for general corporate purposes, including working capital.
Johnson Rice & Company LLC., Canaccord Genuity Inc. and Macquarie Capital (USA) Inc. are acting as the joint book-running managers and Global Hunter Securities LLC and KLR Group are acting as co-managers for the offering.
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