Miller Energy Closes Preferred Stock Offering; Shares Unchanged Late

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Miller Energy Resources ( MILL ) has raised $2.575 million through its new Series B Redeemable Preferred Stock. The Series B Redeemable Preferred Stock is redeemable by Miller, and does not convert into common stock.

The holders of the Series B Redeemable Preferred Stock will receive dividends of 12% per year, payable semi-annually, beginning on March 1, 2013, subject to certain terms based on our Apollo Credit Facility.

Investors were also issued warrants to purchase Miller's common stock, with an exercise price of $5.28 per share. Miller obtained the consent of its current lenders prior to issuance of the Series B Redeemable Preferred Stock.

MILL shares are unchanged after hours at $5.13, and trades within a 52-week range of $2.13 - $5.59.

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This article appears in: Investing , Commodities

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