Evolution Petroleum slides on equity raise to fund acquisition in Permian
BUZZ-Evolution Petroleum slides on equity raise to fund acquisition in Permian ** Independent energy co Evolution Petroleum's EPM.A shares down 11.5% at $3.39 premarket on Weds after acquisition-related follow-on priced
** Houston, Texas-based EPM announces 3.7 mln shares at $3.25 for about $12 mln gross proceeds
** Offering price is 15.1% discount to stock's last sale on Tues
** Co intends to use net offering proceeds to fund $16 mln purchase of oil and natural gas mineral and royalty interests located in the Permian Basin, and for general corporate purposes, including repayment of debt under its credit facility
** Roth Capital sole bookrunner
** EPM has ~35.9 mln shares outstanding
** Through Tues, stock up 8% YTD
** 2 analysts rate the stock "buy", 2 rate "hold"; median PT $4.75, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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