HOUSTON, Aug. 8, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas" or the "Company"), an independent oil and gas company, which has assets in the Austin Chalk and Eagle Ford Trends to the South of San Antonio, Texas, announced that holders of its Series C Warrants have exercised all the outstanding Series C Warrants and the aggregate proceeds have been received by the Company as of August 4, 2011. The exercise price for the Series C Warrants was $2.48 per share of the Company's common stock.
An aggregate of 777,628 Series C Warrants were exercised by the investors effective July 18, 2011, pursuant to which the Company received an aggregate of approximately $1.8 million, after deducting approximately $116,000 of commissions to the placement agent. Between July 25, 2011 and August 1, 2011, an aggregate of 162,500 Series C Warrants were exercised, pursuant to which the Company received an aggregate of approximately $262,000, after deducting approximately $16,000 of commissions. On August 3, 2011, exercise notices were received for all of the remaining 1,620,378 Series C Warrants, pursuant to which the Company received an aggregate of approximately $3.8 million, after deducting approximately $241,000 of commissions. In total, the Company received an aggregate of approximately $5.9 million, net of commissions, from the exercise of the Series C Warrants.
Source: Global Newswire
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