Abraxas Petroleum Corp. - 2011-01-27
Description
Priced its public offering of approximately 20.5 million shares of common stock at a public offering price of $4.40 per share. The primary component of the offering has been upsized by 20% due to demand.
Net proceeds will be used to pay debt, to increase its 2011 capital expenditure budget and for general corporate purposes. Abraxas will not receive any proceeds from the sale of shares by the selling stockholders.
Johnson Rice & Co. LLC, Canaccord Genuity and Stifel Nicolaus Weisel are joint book-running managers; Ladenburg Thalmann & Co. Inc. and Wunderlich Securities are co-managers.