Expion Energy closed the initial tranche of a private placement raising $9 million, with the potential for an additional $91 million from the same investors, to fund its newly acquired oil and gas exploration assets in Eastern Louisiana. The initial closing consisted of 8% convertible debentures and warrants to purchase roughly 2.1 million shares at $4.25, with net proceeds of about $8.2 million after fees. The lead investor is affiliated with the company's interim Chairman and former CEO. Proceeds will go toward the acquisition and working capital, following Expion's disclosure of its first move beyond its legacy battery business into oil and gas exploration. The acquisition includes about 3,000 net acres of existing leasehold, a wellbore, intellectual property, and mineral title research covering approximately 13,000 net acres, with the company paying an adjusted cash purchase price of about $3.425 million and committing up to $4 million for leasing activity.
Expion360 IncRaises $9M via private placement to fund oil and gas acquisition, with potential additional $91M.
