Rochester,NY 7/7/2009 2:50:04 AM
End of Day - ZN - Form 8-K for ZION OIL & GAS INC - Sourced WhisperFromWallStreet.com
Zion Oil & Gas Inc
End of Day - ZN - Form 8-K for ZION OIL & GAS INC - Sourced WhisperFromWallStreet.com
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Zion Oil & Gas Inc.ZN
After Hours: 8.84 Up 0.45 (5.36%) 3:35pm ET
Zion Oil & Gas, Inc. (the "Company") completed its previously announced rights offering. As a result of the rights offering, the Company will issue 4,200,000 shares of common stock, par value $0.01 per share (the "Common Stock"), at a subscription price of $5.00 per share, to holders of record as of the close of business on May 4, 2009, who exercised their rights pursuant to the basic and over-subscription privileges. The total available subscription of 4.2 million shares of Common Stock will be accepted (including almost all of the over-subscription) and refunds for any unfilled over-subscriptions will be refunded as soon as possible. The gross proceeds from the rights offering of $21.0 million, less fees and expenses incurred in connection with the rights offering, will be used by the Company to further its drilling efforts and as otherwise provided in the prospectus. Following the issuance of the shares subscribed for in the rights offering, the Company will have outstanding 15,056,653 shares of its Common Stock.
A copy of the press release announcing the completion and results of the rights offering is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
About
Zion Oil & Gas, Inc. operates as a development stage oil and gas exploration company. It holds two exploration licenses covering approximately 162,100 acres onshore in the State of Israel between Netanya in the south and Haifa in the north. The company was founded in 2000 and is based in Dallas, Texas.
Last Trade: 8.90
Day's Range: 8.05 - 9.20
52wk Range: 5.07 - 17.68
Volume: 320,645
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