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GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC) (the “Company”), a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays, announced today the completion of the “at-the-market” offering program in which the Company sold shares of its common stock and 10% Series C Cumulative Preferred Stock raising gross proceeds of approximately $12,116,000, resulting in net proceeds of approximately $11,440,000 after deducting commissions and fees, since commencing the offering pursuant to the prospectus supplements filed December 11, 2012 and December 20, 2012. MLV & Co. LLC acted as sales agent in the offering.
The Company intends to use net proceeds from the offering for capital expenditures, working capital, acquisitions (whether direct or indirect) and other investments, repayment or refinancing of indebtedness, the possible repurchase of our common stock, investments in our subsidiaries, redemption of all or a portion of our outstanding equity interests, or general corporate purposes. Pending any specific application, the Company may initially invest funds in short-term marketable securities or apply them to the reduction of short-term indebtedness.
The offering was made pursuant to an effective registration statement and prospectus supplements that the Company previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About GreenHunter Energy, Inc.
GreenHunter Energy, Inc. is a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays. Through its wholly owned subsidiary, GreenHunter Water, LLC, the Company provides
Total Water Management Solutions™ in the oilfield. An understanding that there is no single solution to E&P fluids management shapes GreenHunter’s technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (
Frac-CycleTM), GreenHunter Water is expanding capacity of salt water disposal facilities, next-generation modular above-ground storage tanks (
MAG Tank™), advanced hauling and fresh water logistics services - including 21st Century tracking technologies (
RAMCATTM) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.
The Company’s common stock and 10% Series C Cumulative Preferred Stock is trading on the NYSE MKT under the ticker symbols “GRH” and “GRH.PRC.”