ERHC Energy Inc. Provides Guidance To Previously Announced Rights Offering
HOUSTON, Jan. 16, 2013 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today provided continuing guidance related to participating in the Company's ongoing rights offering. In late December, ERHC distributed on a pro rata basis one non-transferable subscription right for every three shares of common stock owned. Shareholders as of the close of business December 17, 2012 are eligible to receive subscription rights, each of which entitles the holder to purchase one share of the Company's common stock at a subscription price equal to $0.075 per share.
The Company plans to apply the funds to specific exploration and development activities in the Republics of Chad and Kenya, as well as for general corporate purposes and working capital needs.
The rights offering is being made only by means of the Prospectus Supplement filed by the Company with the SEC on December 27, 2012.Shareholders who hold their shares directly should have recently received the Prospectus Supplement, together with a letter from the Company describing the rights offering, a Shareholder Subscription Rights Agreement, instructions for how to complete the shareholder subscription rights agreement, and IRS Form W-9. Those wishing to exercise their rights should review all materials, properly complete and execute the shareholder subscription rights agreement and deliver it and payment in full to the subscription agent: Corporate Stock Transfer, Inc. Attn: Operations Department 3200 Cherry Creek South Drive, Suite 430 Denver, Colorado 80209 Shareholders whose shares are held in street name through a brokerage account, bank or other nominee, will not receive the materials described above and must instruct their broker, bank, or nominee whether or not to exercise subscription rights on their behalf. Those wishing to obtain a separate shareholder subscription rights agreement should promptly contact their broker, bank, or other nominee with that request, although it is not necessary to have a physical shareholder subscription rights agreement to elect to exercise rights if shares are held in street name.
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