PHX Minerals slumps on share offering a third of public float

PHX Minerals

16/04/2021 12:21

** Shares of PHX Minerals  PHX.N , formerly Panhandle Oil
and Gas Inc, down ~18% premarket at $2.17 as co looks to raise
equity
    ** Co late Thurs announced 5 mln share offering for pending
acquisition and general corp purposes  urn:newsml:reuters.com:*:nPn6V66ca
    ** PHX has ~13.84 mln shares of free float, per Refinitiv
data
    ** Alongside planned equity raise, co said agreed to acquire
from third parties certain mineral and royalty interests
totaling approx 2,698 net royalty acres in Southern SCOOP play
for ~$12 mln in cash and stock  urn:newsml:reuters.com:*:nPn3jY8Nsa
    ** Stifel sole bookrunner for offering
    ** Shares have gained ~15% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))