Houston American Energy Corp. (NASDAQ: HUSA) has come to an agreement with institutional investors for the sale of up to 3,000,000 shares of the company's common stock at $4.68 per share in a registered direct offering. The gross proceeds from the financing agreement are valued at approximately $14 million, prior to deducting agents' fees and offering expenses. The transaction is expected to close around December 4, 2009. The company plans on using the net proceeds for general working capital.
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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.
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