HOUSTON--(BUSINESS WIRE)--Saratoga Resources Inc. (NYSE MKT: SARA) today announced the closing of a $19.3 million private placement of common stock, before fees and expenses, to select institutional and accredited investors and, in a separate transaction, the receipt of $0.8 million of proceeds from the exercise of outstanding warrants.
The Company sold an aggregate of 3,089,360 shares of common stock in the private placement at $6.25 per share. C.K. Cooper & Company (Member: FINRA/SiPC/MSRB) and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTD), acted as co-placement agents in the offering.
Thomas Cooke, Chairman and Chief Executive Officer of Saratoga, stated, “We are pleased to have this additional capital to fund acceleration of our drilling and development program. While we have successfully executed our business plan out of cash flow for more than 2 years, we believe that this new capital will allow us to accelerate the timetable for drilling attractive prospects in our portfolio.”