Houston American Energy Corp Closes $10.0 Million
Registered Direct Public Offering HOUSTON - October 4, 2012
- Houston American Energy Corp (NYSE MKT: HUSA, the
"Company") announced today that it has closed on
its previously announced registered direct equity offering
of 14,814,815 units at $0.675 per unit, with each unit
consisting of one of the Company's common shares, one
Class A Warrant to purchase one-half share of common stock
and one Class B Warrant to purchase one half share of
common stock, for gross proceeds of approximately $10.0
million, before deducting placement agent fees and offering
expenses. The Class A Warrants, which represent the right
to acquire an aggregate of up to 7,407,407 common shares,
will be exercisable at any time on or after issuance and
ending April 4, 2013 at an exercise price of $0.81 per
share. The Class B Warrants, which represent the right to
acquire an aggregate of up to 7,407,407 common shares, will
be exercisable at any time on or after issuance and ending
October 4, 2015 at an exercise price of $0.90 per share. C.
K. Cooper & Company, Inc. acted as placement agent for the
Houston American Energy Corp intends to use the proceeds
from the offering for general working capital purposes,
including funding the Company's share of costs of
development of properties in which the Company holds
This offering was made pursuant to a prospectus supplement
to the Company's prospectus, dated August 26, 2009,
filed as part of the Company's effective $75 million
shelf registration statement. This press release shall not
constitute an offer to sell or the solicitation of an offer
to buy any securities nor will there be any sale of these
securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Copies of the final prospectus supplement and accompanying
prospectus relating to these securities may be obtained by
contacting C. K. Cooper & Company, Inc. 18300 Von Karman
Avenue, Suite 700, Irvine, California 92612.
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. Additional information can be accessed by
reviewing our Form 10-K and other periodic reports filed
with the Securities and Exchange Commission.
For additional information, view the company's website
at www.houstonamericanenergy.com or contact the Houston
American Energy Corp. at (713) 222-6966.
Disclosures in this press release may contain
forward-looking statements relating to anticipated or
expected events, activities, trends or results.
Forward-looking statements, can be identified by the use of
forward looking terminology such as "believes,"
"suggests," "expects," "may,"
"intends," "could," or
"anticipates," or the negative thereof, or other
variations thereon, or comparable terminology, or by
discussions of strategy or objectives. Because
forward-looking statements relate to matters that have not
yet occurred, these statements are inherently subject to
risks and uncertainties. Such statements are made to
provide the public with management's current assessment
of the Company's business, and it should not be assumed
that actual results will prove these statements to be
correct. Security holders are cautioned that such
forward-looking statements involve risks and uncertainties.
The forward-looking statements contained in this press
release speak only as of the date of this press release,
and the Company expressly disclaims any obligation or
undertaking to report any updates or revisions to any such
statement to reflect any change in the Company's
expectations or any change in events, conditions or
circumstances on which any such statement is based. Certain
factors may cause results to differ materially from those
anticipated by some of the statements made in this release.
Please carefully review our filings with the SEC as we have
identified many risk factors that impact our business plan.