This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Miller Energy Resources Enters Into Two Special Warrant Exercise Agreements

Miller Energy Resources (“Miller”) (NYSE: MILL) announced today that on September 21, 2012, the company reached an agreement with certain investors for the early exercise of warrants issued in connection with a private offering closed on March 26, 2010. A similar arrangement was reached with a consultant to the Company under a warrant issued on May 20, 2011. Miller will receive $3,544,004 in gross proceeds from the transactions.

In exchange for receiving registered common stock from Miller, the participating investors agreed to exercise their warrants immediately in cash and to waive the right to exercise on a cashless basis. In addition, the Company agreed to issue additional shares of registered common stock as a settlement for liquidated damages and interest owed to holders in connection with the late registration of the shares issued in the March 2010 private placement. Investors in the March 2010 transaction who chose not to exercise their warrants immediately agreed to waive existing ratchet and anti-dilution rights contained in those warrants in exchange for a one-year extension on the terms of their warrants.

Taken all together, the Company registered and issued 1,064,801 shares of common stock in connection with these transactions.

“We are very happy to have reached these agreements,” stated Scott M. Boruff, Miller Energy Resources CEO. “This eliminates anti-dilution and ratchet provisions that have, in the past, limited our freedom to structure financings involving offers of our securities at market prices. In addition, we have settled up on penalties and interest that would otherwise have accumulated over time, and we did so while receiving cash that we can immediately redeploy into new and ongoing projects.”

About Miller Energy Resources

Miller Energy Resources, Inc. is a high growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller’s focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company’s common stock is listed on the NYSE under the symbol MILL.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,686.50 -32.04 -0.18%
S&P 500 2,057.86 -3.19 -0.15%
NASDAQ 4,865.28 -11.2390 -0.23%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs