U.S. Energy Corp. Announces a Full Exercise of the Over-Allotment Option and Closing of $3.45 million Underwritten Offering
November 16 2020 - 4:35PM
U.S. Energy Corp. (Nasdaq: USEG) (the "Company"), today announced
the full exercise of the over-allotment option granted to the
underwriters with respect to 150,000 additional shares of common
stock, and closing of the previously announced underwritten public
offering of 1,000,000 shares, bringing the total gross proceeds
from the offering to $3,450,000 million before deducting
underwriting discounts and other offering expenses. The Company
intends to use the net proceeds from this offering to fund
potential future acquisitions of oil and gas properties, capital
expenditures, working capital, and general corporate purposes.
Kingswood Capital Markets, division of Benchmark
Investments, Inc., acted as sole bookrunner for the offering.
The shares of common stock were offered by the
Company pursuant to a registration statement on Form S-1, as
amended (File No. 333-249738) previously filed with the Securities
and Exchange Commission (the "SEC") on October 30,
2020 and declared effective by the SEC on November 12,
2020. The offering was made only by means of a prospectus, forming
a part of the effective registration statement. A final prospectus
relating to the shares of common stock being offered was filed with
the SEC. The Company will also file a Form 8-K in connection with
the underwriting agreement and the closing of the offering.
Electronic copies of the final prospectus may be obtained on the
SEC's website at http://www.sec.gov or by Kingswood
Capital Markets, Attention: Syndicate Department, 17 Battery Place,
Suite 625, New York, NY 10004, by telephone at (212) 404-7002, or
by email at syndicate@kingswoodcm.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About U.S. Energy Corp.
U.S. Energy is an independent energy company
focused on the acquisition and development of oil and gas producing
properties in the United States. Our business is currently focused
on targeting mature, low decline assets with existing
infrastructure, which we believe allows us to maximize our return
on capital in a cost effective and sustainable manner. More
information about U.S. Energy Corp. can be found at
www.usnrg.com.
Forward-Looking Statements
Certain statements in this press release
constitute "forward-looking statements" within the meaning of, and
within the safe harbor provided by the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Words such as
"may," "might," "will," "should," "believe," "expect,"
"anticipate," "estimate," "continue," "predict," "forecast,"
"project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties,
including without limitation those set forth in the Company's
filings with the SEC, including the registration statement and
prospectus, not limited to Risk Factors relating to its business
contained therein. Additional risks and uncertainties relate to
completion of the offering on the anticipated terms, or at all,
market conditions and the satisfaction of customary closing
conditions related to the offering. Thus, actual results could be
materially different. Particular uncertainties and risks include:
our ability to satisfy the closing conditions of the offering; the
closing of the offering; the use of proceeds of the offering and
market and other conditions. The Company expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
Corporate Contact:
U.S. Energy Corp.
Ryan Smith
Chief Executive Officer
(303) 993-3200
www.usnrg.com
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