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HOUSTON, Dec. 18, 2012 (GLOBE NEWSWIRE) --
ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas
assets in Sub-Saharan Africa, today issued the following update on Company activities from Peter Ntephe, chief executive officer.
To ERHC Shareholders:
I am pleased to update the investment community and other interested parties on ERHC Energy Inc.
Shareholders will recall that a few days ago, we formally announced the details of a proposed rights offering. If fully subscribed, the rights offering will raise approximately $18.5 million, which will be applied primarily to ERHC's exploration programs in Chad and Kenya next year.
December 17, 2012 was the record date for the Rights Offering.
Each shareholder will be entitled to purchase one share of common stock at a subscription price of 7.5 cents per share for every three shares of ERHC stock the shareholder owned as of the close of business on the record date.
The Rights Offering allows each shareholder to identify with the Company's objectives and participate fully in its growth. Of course, no shareholder is obliged to participate in the Offering. A shareholder may also choose to take up some but not all the rights available to him or her under the offering. We look forward, however, to our shareholders fully subscribing to the rights so that the Company's funding requirements may be met without proportionately diluting any existing shareholders.
Key Dates for Rights Offering
In addition to the record date of December 17, 2012, other important dates are:
- December 27, 2012, is the proposed distribution date. ERHC expects to begin distributing subscription rights to shareholders under the Rights Offering on or about this date.
- January 31, 2013, is the proposed termination date. Holders of rights will need to exercise their subscription rights prior to 5:00 p.m. Central Time on the termination date. It is possible that ERHC could extend the termination date.