Saratoga Resources, Inc. Announces $20.1 Million Capital Infusion From Private Placement of Common Stock and Warrant Exercises
Saratoga Resources, Inc. (NYSE MKT: SARA) (the 'Company?) today
announced the closing of a $19.3 million private placement of common
stock, before fees and expenses, to select institutional and accredited
investors and, in a separate transaction, the receipt of $0.8 million of
proceeds from the exercise of outstanding warrants.
The Company sold an aggregate of 3,089,360 shares of common stock in the
private placement at $6.25 per share. C.K. Cooper & Company (Member:
FINRA/SiPC/MSRB) and Ladenburg Thalmann & Co., Inc., a subsidiary of
Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTD), acted as
co-placement agents in the offering.
Thomas Cooke, Chairman and Chief Executive Officer of Saratoga, stated,
'We are pleased to have this additional capital to fund acceleration of
our drilling and development program. While we have successfully
executed our business plan out of cash flow for more than 2 years, we
believe that this new capital will allow us to accelerate the timetable
for drilling attractive prospects in our portfolio.?
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 is an independent exploration and production Company with
offices in Houston, Texas and Covington, Louisiana. Principal holdings
cover 32,185 gross/net acres, mostly held-by-production, currently
located in the transitional coastline and protected in-bay environment
on parish and state leases of south Louisiana. For more information, go
to our website at www.saratogaresources.com
and sign up for regular updates by clicking on the Updates button.
Forward-Looking Statements
This press release includes certain estimates and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, including statements regarding the Company′s planned
acceleration of its drilling and development program. 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, Investor Relations,
713-654-4009
or
Thomas Cooke, CEO, 713-458-1560
or
Andrew
Clifford, President, 713-458-1560
or
Michael Aldridge, CFO,
713-458-1560
www.saratogaresources.com
