Of the total 4,498,698 shares subscribed, 4,100,125 shares will be issued pursuant to the basic rights exercised, and 398,573 will be issued pursuant to the oversubscription privilege. The Company's largest shareholder, Dolphin Offshore Partners, L.P., and its affiliates, will be issued a portion of their basic rights exercised and none of their oversubscribed shares, pursuant to the offering's limitation that no shareholder and affiliates in the aggregate could, as a result of the offering, own fifty percent or more of the Company's outstanding stock following the offering. All other subscribing shareholders will be issued all of the basic and the oversubscription shares for which they had subscribed. All of the Company's directors and CEO fully exercised their basic rights and some directors oversubscribed as well.
Following this offering, the Company will have 10,601,685 shares outstanding. Dolphin and affiliates will own approximately 49.9 percent of the outstanding stock. It is anticipated that the Company's subscription agent will begin the issuance of shares and return any unused funds on or about February 13, 2017.
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of applicable securities laws.
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SOURCE Tengasco, Inc.