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Prairie Operating Says Watermill Capital Partners, Affiliates Exercised Warrants
2024-08-19 23:00
11:00 AM EDT, 08/19/2024 (MT Newswires) -- Prairie Operating (PROP) said Monday that Watermill Capital Partners and its affiliates have exercised their series E B warrants to buy 4 million Prairie shares, generating $24 million in proceeds.
The move follows Watermill's $12 million warrant exercise in November last year, Prairie said, adding that after the latest exercise of warrants, all series E B warrants have now been exercised. All of Prairie's series E preferred shares were converted into common shares.
"The warrant exercise and associated cash proceeds provide additional fuel to our growth plans, particularly as we embark on our new project at Shelduck South," said Prairie Chief Executive Ed Kovalik.
The Shelduck South project involves and eight-well pad targeting the Niobrara B and C formations, with production slated to start in Q4.
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