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Article: Presidio Oil announces completion of offering of 10 million shares of common stock and $50,000,000 of convertible debentures.
- Article from:
- PR Newswire
- Article date:
- February 14, 1990
CopyrightCOPYRIGHT 1990 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRESIDIO OIL ANNOUNCES COMPLETION OF OFFERING OF 10 MILLION SHARES
OF COMMON STOCK AND $50,000,000 OF CONVERTIBLE DEBENTURES
DENVER, Feb. 14 /PRNewswire/ -- Presidio Oil Company (AMEX: PRS) today announced the completion of the sale of 10 million shares of its Class A common stock at $7.50 per share and $50,000,000 of its 9 percent convertible subordinated debentures due March 15, 2015 at 100 percent of their principal amount. The debentures are convertible into the shares of the company's Class A common stock at $9.38 per share.
The net proceeds of the two offerings amounted to approximately $120 million, and were used to pay bank ...