Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2025capital raising announcement● NeutralMajor
Ring signed an agreement on February 25, 2025 to buy Lime Rock Resources' Andrews County, Texas oil and gas interests for $90 million in cash ($80 million at closing, $10 million nine months later) plus 7,388,799 new Ring shares. It deposited $5 million in escrow, and closing is expected by the end of Q1 2025; either side can walk away if it has not closed by April 30, 2025. The share issuance will dilute existing holders, and Lime Rock will get registration rights for those shares. This is the latest in Ring's series of acquisitions, still pending at this filing.
20 June 2014capital raising announcement▲ GoodMajor
Ring closed a $30,000,015 private placement of 2,000,001 shares at $15.00 each on June 18, 2014, placed by SunTrust Robinson Humphrey and Global Hunter Securities. It must register those shares for resale within 30 days of closing. It also committed to a new five-year SunTrust-led revolving credit facility with a $150 million maximum and a $40 million initial borrowing base, replacing a prior facility with a $25 million borrowing base. The press release says the funds will let Ring step up leasing and accelerate Permian drilling, including adding a third rig in late Q3 or early Q4 2014, and keep pursuing acquisitions. The credit facility was a commitment, not yet a signed final agreement. The raise price of $15.00 is far above the $4.00 raises of 2011-12.
Ring corrected an earlier November 26, 2012 report. The 312,500 shares each issued to Calvin R. Hullum, Jr. and Charles M. Crawford were issued in the merger for their companies, CRH Mississippi South Fund and Pontious Mississippi South Fund, not for the outstanding shares of Stanford as first stated. This concerns the CRH/Pontious merger, a separate acquisition from the Stanford deal. The filing is a correction only and adds no new transaction.
Ring corrected its January 20, 2012 report on the two $4.00-per-share private stock sales. The first offering was 1,167,504 shares for $4,670,016 (the original report omitted four shares). The second had sold 1,071,180 shares for $4,284,720 as of January 30, 2012 (the original overstated it by 12,000 shares). Costs were $4,847 and $4,165 respectively. Note the corrected first-offering proceeds ($4,670,016) are lower than the original figure ($4,760,000), even though the share count rose by four.
20 Jan 2012capital raising announcement● NeutralMajor
Ring reported two private stock sales at $4.00 per share, both to accredited investors with no underwriting fees. The first closed December 23, 2011: 1,167,500 shares for $4,760,000 from 27 investors. A second round, begun the same day, had sold 1,083,180 shares for $4,334,720 to 36 investors by the report date. This follows the exempt private placement notices filed in December 2011 and January 2012. The filing does not say what the money will be used for.
