MINNEAPOLIS, Oct. 10, 2017 /PRNewswire/ -- Black Ridge
Oil & Gas, Inc. ("the Company" or "Black Ridge") (OTCQB: ANFC)
announced today that its sponsored special purpose acquisition
company, Black Ridge Acquisition Corp. (NASDAQ:BRACU) ("BRAC"),
completed its initial public offering (IPO). The Company used a
portion of the proceeds of its rights offering completed on
September 26, 2017 to purchase
400,000 units at $10.00 per unit to
fulfill its sponsorship commitment. The Company will purchase up to
an additional 45,000 units at $10.00
per unit if the underwriters exercise their option to purchase
units to cover over-allotments. The Company previously purchased
3,450,000 shares (of which 450,000 could be subject to forfeiture
if the underwriters' over-allotment is not exercised in full) of
BRAC's common stock for $25,000.
BRAC sold 12,000,000 units at an offering price of $10.00 per unit generating gross proceeds of
$120,000,000. The units are listed on
the NASDAQ Capital Market ("NASDAQ") and trade under the ticker
symbol "BRACU." Each unit consists of one share of BRAC's common
stock, one warrant to purchase one share of BRAC's common stock at
a price of $11.50 per share, and one
right to receive one-tenth of one share of BRAC's common stock only
upon the consummation of an initial business combination by BRAC.
Once the securities comprising the units begin separate trading,
the common stock, warrants and rights are expected to be listed on
NASDAQ under the symbols "BRAC," "BRACW," and "BRACR,"
respectively.
The underwriters have been granted a 45-day option to purchase
up to an additional 1,800,000 units offered by BRAC to cover
over-allotments, if any.
EarlyBirdCapital, Inc. acted as sole book-running manager and
Chardan and I-Bankers Securities acted as co-managers of the
offering.
About the Company
Black Ridge Oil & Gas is a company focused on acquiring,
investing in, and managing the oil and gas assets for our partners.
We continue to pursue asset acquisitions in all major onshore
unconventional shale formations that may be acquired with capital
from our existing joint venture partners or other capital
providers. We are based in Minneapolis,
Minnesota. For additional information, visit the Company's
website at www.blackridgeoil.com.
About BRAC
Black Ridge Acquisition Corp. is a blank check company formed
for the purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities. BRAC's efforts to identify a prospective target business
will not be limited to a particular industry or geographic region
although it intends to focus its search for target businesses in
the energy or energy-related industries with an emphasis on
opportunities in the upstream oil and gas industry in North America.
A registration statement relating to BRAC's securities was
declared effective by the Securities and Exchange Commission on
October 4, 2017. Copies of the final
prospectus relating to the offering may be obtained for free by
visiting the SEC's website at www.sec.gov or from EarlyBirdCapital,
Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate
Department, 212-661-0200.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward Looking Statements
Certain statements contained herein, which are not historical,
are forward-looking statements that are subject to risks and
uncertainties not known or disclosed herein that could cause actual
results to differ materially from those expressed herein. These
statements may include projections and other "forward-looking
statements" within the meaning of the federal securities laws. Any
such projections or statements reflect management's current views
about future events and financial performance. No assurances can be
given that such events or performance will occur as projected and
actual results may differ materially from those projected.
Important factors that could cause the actual results to differ
materially from those projected include, without limitation,
general economic or industry conditions nationally and/or in the
communities in which our Company conducts business, volatility in
commodity prices for crude oil and natural gas, environmental
risks, legislation or regulatory requirements, conditions of the
securities markets, our ability to raise capital or have access to
debt financing, changes in accounting principles, policies or
guidelines, financial or political instability, acts of war or
terrorism, increases in operator costs, other economic,
competitive, governmental, regulatory and technical factors
affecting our Company's operations, products, services and prices
and other risks inherent in the Company's businesses that are
detailed in the Company's Securities and Exchange Commission
("SEC") filings. Readers are encouraged to review these risks in
the Company's SEC filings.
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SOURCE Black Ridge Oil & Gas, Inc.