Houston
American Energy Announces Pricing of Public Offering of Units
Houston
American Energy Corp. (NYSE MKT: HUSA) today announced the pricing of a public
offering of 14,814,815 units, with each unit consisting of one share of common
stock and one Class A warrant and one Class B warrant to purchase shares of
common stock, at a purchase price of $0.675 per unit. Each Class A
warrant will have the right to purchase one-half share of common stock, will
have an exercise price of $0.81 per share and will expire 6 months from the
date of issuance. The Class B warrant will have the right to purchase
one-half share of common stock, will have an exercise price of $0.90 per share
and will expire 36 months from the date of issuance. C. K. Cooper &
Company, Inc. acted as the placement agent for the offering.
Gross
proceeds from the sale of the securities are expected to be approximately
$10,000,000. Net proceeds from the sale of the securities after
deducting placement agent fees and other offering expenses are expected to be
approximately $9,225,000. The offering is subject to customary closing
conditions and is expected to close on October 4, 2012.
The
Company plans to use the net proceeds from the offering for general working
capital purposes, including funding its share of costs of development of properties
in which the Company holds interests.
This
offering was made pursuant to a prospectus supplement to the Company?s prospectus, dated August
26, 2009, filed as part of the Company?s effective
$75 million shelf registration statement. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities nor will there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.
Copies of
the final prospectus supplement and accompanying prospectus relating to these
securities may be obtained by contacting C. K. Cooper & Company, Inc. 18300
Von Karman Avenue, Suite 700, Irvine, California 92612.
About Houston
American Energy Corp.
Based in Houston, Texas, Houston
American Energy Corp is an independent energy company with interests in oil and
natural gas wells and prospects. The Company's business strategy includes a
property mix of producing and non-producing assets with a focus on Colombia,
Texas and Louisiana. Additional information can be accessed by reviewing our
Form 10-K and other periodic reports filed with the Securities and Exchange
Commission.