Panhandle Announces 5mn Common Stock Offering

(Panhandle Oil and Gas Inc., 28.Aug.2020) — Panhandle Oil and Gas Inc. priced its previously announced underwritten public offering of 5,000,000 shares of common stock at a price to the public of $1.63/share. In addition, the company has also granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the same price per share. The offering is expected to close on or about 1 September 2020, subject to customary closing conditions.

The net proceeds to the company, after deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $7.2mn (exclusive of the proceeds from the underwriters’ 30-day option to purchase additional shares of common stock). The company intends to use the net proceeds of the offering to fund pending acquisitions, subject to customary closing conditions, and for general corporate purposes.

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Stifel and Northland Capital Markets are acting as joint book-running managers for the offering with Stifel acting as representative of the underwriters.

The public offering of the company’s common stock is being made pursuant to an effective shelf registration statement, including the base prospectus, and a related prospectus supplement. A copy of the final prospectus supplement relating to the offering may be obtained from Stifel, Nicolaus & Co. Inc., Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, by email: SyndProspectus@stifel.com or by telephone: (855) 300-7136.

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