Saratoga Resources, Inc. Announces Closing of $7.4 Million Placement of Common Stock and Warrants
Saratoga Resources, Inc. (OTCQB: SROE) today announced the closing of a
$7.4 million placement of restricted common stock and warrants to U.S.
and non-U.S. accredited investors. The company sold an aggregate of
2,481,316 shares of common stock and 1,240,658 warrants in units of two
shares of common stock and one warrant at $6.00 per unit. The warrants
are exercisable for two years to purchase shares of common stock at
$5.00 per share. Units were placed in the U.S. directly by the company.
Prosdocimi Limited acted as financial advisor to Saratoga with respect
to sales to non-U.S. investors.
Thomas F. Cooke, Chairman and Chief Executive Officer of Saratoga,
stated, 'We are pleased to have arranged for this additional capital and
with the confidence shown in Saratoga by our new investors and by
existing shareholders that participated in the offering. We are
particularly pleased by the favorable reception from both domestic and
international investors and their recognition that our stock price has
not adequately reflected our net asset value. With this new capital we
expect to strengthen our balance sheet and gain increased flexibility in
carrying out our development plan.?
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or jurisdiction.
About Saratoga Resources
Saratoga Resources, Inc. is an independent exploration and production
company with offices in Houston, Texas and Covington, Louisiana.
Principal holdings cover 33,869 gross (31,125 net) acres, mostly
held-by-production, located in the transitional coastline and protected
in-bay environment on parish and state leases of south Louisiana.
Saratoga's stock currently trades on the OTCQB under the symbol
'SROE.PK'.
Forward-looking Statements
This press release includes forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, including
statements regarding our development program and the realization of the
full value of our assets. Words such as 'expects,? 'anticipates,'
'intends,' 'plans,' 'believes,' 'assumes,' 'seeks,' 'estimates,'
'should,' and variations of these words and similar expressions, are
intended to identify these forward-looking statements. While we believe
these statements are accurate, forward-looking statements are inherently
uncertain and we cannot assure you that these expectations will occur
and our actual results may be significantly different. These statements
by the Company and its management are based on estimates, projections,
beliefs and assumptions of management and are not guarantees of future
performance. Important factors that could cause actual results to differ
from those in the forward-looking statements include the factors
described in the 'Risk Factors' section of the Company's filings with
the Securities and Exchange Commission. The Company disclaims any
obligation to update or revise any forward-looking statement based on
the occurrence of future events, the receipt of new information, or
otherwise.
Saratoga Resources, Inc.
Brad Holmes, 713-654-4009
Investor
Relations
or
Thomas Cooke, CEO, 713-458-1560
www.saratogaresources.net
