Comstock Resources up as majority shareholder commits $100.5 mln investment

Comstock Resources

21/03/2024 11:53

** Shares of oil and gas producer Comstock Resources  CRK.N 
up 3% at $8.31 premarket
    ** Comstock says its majority shareholder Jerry Jones has
agreed to make an additional $100.45 mln equity investment in
the company through two entities he controls 
    ** Adds, the entities would buy 12.5 mln shares in the
private placement at a price of $8.036/shr 
    ** Says Jones would own about 67% of the co's outstanding
shares post the investment, up from 65% previously 
    ** Proceeds from the investment would be used to pay down
bank debt following recent acquisitions - Co 
    ** Upto last close, stock down 8.8% YTD 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))