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Evolution Petroleum Prices $12 Million Public Offering

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Evolution Petroleum (EPM) priced its underwritten public offering of 3.7 million common shares at $3.25 apiece, for expected gross proceeds of more than $12 million, the company said Wednesday.

The underwriters were granted a 30-day option to purchase up to an additional 555,000 shares at the offering price.

The net proceeds will be used to help fund its Permian Basin acquisition, alongside borrowings and cash on hand, and for general corporate purposes, the company said.

The offering is expected to close Thursday, it added.

Evolution Petroleum shares were down 9.4% in premarket activity.

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