dissappointed by this give away of stock 10% below mkt----
also, earnings report said all caapex would be funded by cash flow?????
Saratoga Resources, Inc. Announces $18.6 Million Private Placement of Common Stock
Saratoga Resources, Inc. (NYSE MKT: SARA) (the “Company”) today announced that it has entered into definitive agreements to sell 2.9 million shares of its common stock at $6.25 per share in a private placement to a select group of institutional and accredited investors for total gross proceeds of $18.6 million before the deduction of placement agent commissions and offering expenses.
The Company expects to use the proceeds from this financing to fund acceleration of its drilling and development program on its existing assets. The transaction is expected to close on or about May 17, 2012, subject to the satisfaction of certain customary closing conditions.