Swift Energy Company (OTCQX: SWTF) (“the Company”) announced today it
has entered into an agreement to sell approximately 1.4 million shares
of its Common Stock in a private placement at a price of $28.50 per
share, which is expected to result in $40.0 million of gross proceeds.
The shares were sold to select institutional accredited investors. The
Company expects to use the net proceeds of approximately $39.0 million
from the offering to repay credit facility borrowings and for general
corporate purposes.
J.P. Morgan Securities LLC served as sole placement agent to the Company
in connection with the offering.
The securities offered in the private placement have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements of the Securities Act and applicable state laws. This press
release shall not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein.
About Swift Energy Company
Swift Energy Company, founded in 1979 and headquartered in Houston,
engages in developing, exploring, acquiring and operating oil and gas
properties in the Eagle Ford trend of South Texas.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurances can be given that such
expectations will prove to have been correct. Certain risks and
uncertainties inherent in the company’s business are set forth in the
filings of Swift Energy Company with the Securities and Exchange
Commission.
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Copyright Business Wire 2017
Source: Business Wire
(January 23, 2017 - 8:30 AM EST)
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