UPDATE: CorEnergy Plans Offering of 18.5 Million Shrs To Fund Buy; Shares Down 9.5%, Near 52 Week Lows

By MidnightTrader.com Staff,

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Corenergy Infrastructure Trust Inc. ( CORR ) is down 9.5% and closer to a 52 week low of $7.33 after announcing that it intends to offer, subject to market and other conditions, 18.5 million shares of its common stock in an underwritten public offering.

The company intends to use the net proceeds from the offering to finance a portion of the $225 million purchase price of the previously announced anticipated acquisition of a Liquids Gathering System in the Pinedale field in southwest Wyoming from a wholly-owned subsidiary of Ultra Petroleum Corp. ( UPL ).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: CORR , UPL

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