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HOUSTON - Petroleum producer GeoResources Inc. said Friday it will sell 1.5 million shares of unregistered common stock for $22.50 each in a private placement to institutional investors.
| GEOI | 6.42 |  0.66 |
The price represents a 20 percent discount to Thursday's closing price of $28.20. GeoResources had about 14.7 million shares outstanding as of May 12.
Shares fell $4.40, or 15.6 percent, to $23.80 in premarket trading.
The company said investors in the private placement will also receive five-year warrants to purchase up to 613,000 additional shares at an exercise price of $32.43.
GeoResources expects gross proceeds of about $34.5 million, which it plans to use to pay off debt and to fund explorations and development, acquisitions and hedges.
Wachovia Securities acted as placement agent for the offering, and C.K. Cooper & Co. acted as GeoResources' financial adviser.
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