Lexington-based NGAS Resources, which explores for and produces natural gas, announced Wednesday that it has priced a stock and warrants offering that should generate $5.2 million.
The company said in a news release that the offering of 3.96 million units will be priced at $1.31 per unit. Each unit consists of one share of the company's stock and a warrant to buy 0.4 share in the next 41/2 years at a price of $1.61 a share. The shares and warrants will be issued separately.
The offering is expected to close May 17.
After expenses, the company is expected to receive proceeds of $4.7 million from the sale.
Shares of NGAS (NASDAQ:NGAS) closed Tuesday at $1.46.