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GMX RESOURCES INC. Announces Execution Of Supplemental Indenture And Closing Of Private Placement

Stocks in this article: GMXR

OKLAHOMA CITY, Dec. 10, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC ., (NYSE:GMXR) (the "Company" or "GMXR" ) , today announced that the Company entered into a supplemental indenture (the "Supplemental Indenture") to the indenture (the "Indenture") governing Company's Senior Secured Notes due 2017 (CUSIP Nos. 38011M AN8, 38011M AP3, U3822V AC2 and 38011M AQ1) (the "Existing Notes") to authorize and permit the issuance of a new series of senior secured notes due 2017 under the Indenture (the "New Notes").

On December 7, 2012, following the execution of the Supplemental Indenture, the Company entered into purchase agreements (the "Purchase Agreements") with each of the committed holders (the "Committed Holders") who previously executed commitment agreements with the Company with respect to financing commitments by the Committed Holders. The Purchase Agreements effected the Company's private placements (the "Private Placements"), with a closing on December 7, 2012, of (i) an aggregate of $30,000,000 aggregate principal amount of the New Notes for net proceeds (after original issue discount) of approximately $27.1 million, and (ii) an aggregate of 5,942,034 shares of Common Stock at a price of $0.48 per share, and an aggregate of 10,037,219 additional shares of Common Stock at a price of $0.01 per share, as partial consideration for the prior financing commitments of such purchasers. The Private Placements resulted in net cash proceeds to the Company on the closing date (before expenses and cash commitment fees previously paid after the commitments) of approximately $30.1 million. The cash proceeds from the Private Placements will be used to repay, redeem, repurchase or otherwise acquire or retire for value the Company's 5.00% Senior Convertible Notes due 2013 outstanding on the date of issuance of the New Notes at or prior to their stated maturity date.

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