MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE: REI), today announced it has entered into a definitive agreement with institutional investors for the purchase and sale of $18 Million of (i) 12,000,000 Common Shares, (ii) 9,052,630 Pre-Funded Warrants and (iii) 21,052,630 Common Warrants at an effective combined purchase price of $0.855 per unit in a registered direct offering priced at-the-market. The Common Warrants will have an exercise price of $0.855 per share, are exercisable immediately and have a term of five years. The closing of the offering is expected to occur on or about October 26, 2020, subject to the satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas.
