Business News • MarketWire • Eco-Stim Energy Solutions Announces Private Placement |
Eco-Stim Energy Solutions Announces Private Placement |
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Eco-Stim Energy Solutions Announces Private Placement
HOUSTON, TX and NEUQUEN CITY, ARGENTINA--(Marketwired - Aug 2, 2017) - Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim" or the "Company") announced today that it has entered into a definitive subscription agreement for a private placement of its common stock with several new institutional investors and two existing stockholders. It is anticipated that the transaction will close on August 8, 2017, subject to satisfaction of customary closing conditions. As part of the offering, the Company will issue an aggregate of 19,580,420 shares of its common stock for $1.43 per share, which was the closing market price on August 1, 2017. The gross proceeds from this private placement are estimated to be $28 million. The Company intends to use the net proceeds from the offering to finance capital expenditures to support its most recent customer contract, for working capital and for other general corporate purposes.
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