MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI), today announced the pricing of an underwritten public offering of (i) 8,343,000 Common Shares, (ii) 13,428,500 Pre-Funded Warrants and (iii) 21,771,500 Common Warrants at a combined purchase price of $0.70. The gross proceeds to Ring Energy from this offering are expected to be approximately $15,240,000, before deducting underwriting discounts and commissions and other estimated offering expenses. Ring Energy has granted the underwriters a 45-day option to purchase up to an additional 3,265,725 Common Shares and/or 3,265,725 Common Warrants to purchase 3,265,725 Common Shares to cover over-allotments, if any. The Common Warrants have a term of five years and an exercise price of $0.80 per share. The offering is expected to close on or about October 29, 2020, subject to customary closing conditions.
Ring Energy is concurrently announcing the pricing of a registered direct of (i) 3,500,000 Common Shares, (ii) 3,300,000 Pre-Funded Warrants and (iii) 6,800,000 Common Warrants at a combined purchase price of $0.70. The gross proceeds to Ring Energy from this offering are expected to be approximately $4,760,000, before deducting placement agent fees and other estimated offering expenses. The Common Warrants have a term of five years and an exercise price of $0.80 per share. The offering is expected to close on or about October 29, 2020, subject to customary closing conditions.
A.G.P./Alliance Group Partners is acting as sole book-running manager for the underwritten public 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 and New Mexico.
