Houston American Energy issued an update to investors on the company’s recent financial and oil and gas operational activity in the United States.
Houston American Energy has closed on a direct offering of the company’s common stock to a group of institutional investors. The company sold 6.2 million units at $2.12 per unit, raising gross proceeds of $13.1 million.
Houston American Energy reported that each unit consisted of one share of the company’s common stock and one stock purchase warrant. The warrant gives the holder the right to acquire one share of Houston American Energy common stock at an exercise price of $2.68 per share. The warrant has a term of three years beginning on 11/9/2012.
Houston American Energy said that the proceeds of the offering will be used to fund the cost of developing the company’s oil and gas properties as well as other corporate purposes that management deems appropriate.
Houston American Energy is active in the Gulf Coast area of the United States, where the company holds interests in producing properties in Texas and Louisiana. The company also holds various concessions in Colombia including the Llanos Basin and the Putumayo Basin.
For more information on the company, go to www.houstonamericanenergy.com
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