Black Ridge Oil & Gas, Inc. (ticker: ANFC) announced the record date in connection with its proposed offering of subscription rights to shareholders.
The company said in a press release that upon commencement of the rights offering, it intends to distribute, on a pro rata basis, one right for each share of common stock owned by shareholders at 5:00 p.m., Central Time, on August 2, 2017 (the record date). Each right will permit a shareholder to purchase up to nine shares of common stock at a subscription price of $0.012 per share.
If all of the shares are sold in the rights offering, Black Ridge said it expects to realize total gross proceeds of approximately $5.182 million.
Black Ridge said it will use net proceeds of the rights offering for the sponsorship of a special purpose acquisition company (SPAC) focused on effecting a merger or similar business combination with a target business in the energy industry, and that any proceeds from the rights offering that remain following the SPAC sponsorship will be used for general corporate purposes which may include other investments and acquisitions.
Black Ridge Oil & Gas is focused on the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.
