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PHX - PHX Minerals slides after pricing $10M equity offering
Panhandle Oil and Gas Inc
PHX Minerals ([[PHX]] -22.0%) prices its upsized offering of 5.5M shares at $2 per share, compared to its last close of $2.64. Underwriters' overallotment option is to purchase up to an additional 0.825M shares.The gross proceeds will be $9.94M.The proceeds will be used to fund the cash portion of the company's pending acquisition consideration for mineral and royal interests in the Southern SCOOP play, as per the company's statement.Offering is expected to close on Apr. 20, 2021.