American Eagle Energy Corp. (OTCQX: AMZG) has completed the sale of 5 million shares of its common stock directly to an investor, pursuant to a common stock purchase agreement. The shares were sold at a price of $2 per share.
The offering was made pursuant to an effective registration statement. The company's common stock is quoted on the OTC Bulletin Board and the OTC Markets Group Inc.'s OTCQX tier under the symbol "AMZG."
The company plans to use the net proceeds from the private placement, along with cash on hand and cash flow from operations, for working capital, to fund its 2013 capital budget and for other general corporate purposes. Following the completion of the private placement, the company has 55,068,346 shares of common stock outstanding.
American Eagle Energy Corp. is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations.