Business
U.S. Energy Corp. Announces $1.65 Million Registered Direct Offering
HOUSTON, Sept. 30, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq: USEG) (the "Company"), today announced that it has entered into definitive agreements
About this update from U.s. Energy Corp.
[{"type":"text","content":"HOUSTON, Sept. 30, 2020 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq: USEG) (the \"Company\"), today announced that it has entered into definitive agreements with institutional and accredited investors for the purchase and sale of 315,810 shares of the Company’s common stock, at a purchase price of $5.25 per share, in a registered direct offering priced above the market under Nasdaq rules. The closing of the offering is expected to occur on or about October 2, 2020, subject to the satisfaction of customary closing conditions.\n Kingswood Capital Markets, division of Benchmark Investments, Inc. (“Kingswood Capital Markets”), is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be $1.65 million, before deducting the placement agent's fees and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The shares of common stock are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-248906) previously filed with the Securities and Exchange Commission (the \"SEC\") on September 18, 2020 and declared effective by the SEC on September 25, 2020. The offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. The Company will also file a Form 8-K in connection with the securities purchase agreement and the closing of the offering. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by Kingswood Capital Markets, Attention: Edward Tsuker, 17 Battery Place, Suite 625, New York, NY 10004, by telephone at (212) 404-7002, or by email at [email protected]. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws...