DENVER, June 10, 2011 /PRNewswire/ -- Gasco Energy, Inc. (NYSE Amex: GSX) ("Gasco") today announced that it has priced an underwritten public offering of 25,000,000 units at a price to the public of $0.24 per unit, for gross proceeds of $6.0 million. Each unit consists of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued or certificated. The warrants are exercisable immediately upon issuance, having a sixty-month term and an exercise price of $0.35 per share. The net proceeds to Gasco from this offering are expected to be approximately $5.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about June 15, 2011, subject to customary closing conditions.
Lazard Capital Markets LLC is acting as sole book-running manager for the offering.
Gasco intends to use the net proceeds from this offering for capital expenditures, working capital, acquisitions of oil and natural gas properties, repayment or refinancing of indebtedness, or general corporate purposes.
The securities described above are being offered by Gasco pursuant to a registration statement on Form S-3, together with a base prospectus, previously filed and declared effective by the Securities and Exchange Commission ("SEC"). The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov . Copies of the final prospectus supplement relating to the offering, when available, may be obtained from Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60th Floor, New York, NY, 10020 or via telephone at (800) 542-0970, or from the above-mentioned SEC website.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Gasco 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV