Rex Energy Corp. (NASDAQ: REXX) offered about 1.3 million depositary shares that each represented one one-hundredth interest in a share of Series A, convertible, perpetual preferred stock, the company said Aug. 12.
Underwriters were given a monthlong option to purchase up to 187,500 additional depositary shares to cover overallotments, the company said.
The net proceeds will fund the acquisition of Appalachian Basin acreage from Swepi LP, an affiliate of Royal Dutch Shell Plc (NYSE: RDS-A, RDS-B). They also will fund the capex program and support general corporate purposes, Rex added.
RBC Capital Markets is the sole structuring adviser and sole book-runner, Rex said.
State College, Pa.-based Rex Energy Corp. explores and produces natural gas and oil in the Appalachian and Illinois basins.
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