U.S. Energy Corp. Closes $12.1 Mln Public Offering, Stock Falls

(RTTNews) - U.S. Energy Corp. (USEG) Thursday, announced that it has successfully closed its underwritten public offering of approximately 4.87 million shares of common stock, including the full exercise of the over-allotment option. The offering was priced at $2.65 per share, generating net proceeds of approximately $12.1 million.

U.S. Energy plans to utilize the net proceeds to fund its industrial gas development project, including investments in new wells and processing facilities. The company may also use a portion of the proceeds to repurchase shares from a related party. This successful offering provides U.S. Energy with the necessary capital to execute its growth strategy and expand its operations in the industrial gas sector.

USEG closed THursday's trading at $3.02 down 4.73 percent or $0.15 on the Nasdaq.