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Issuer:
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US Energy Corp..
(NASDAQ Capital Market: “USE”)
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Total
Number of Shares of Common Stock Sold in the Offering:
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5,000,000
(or 5,750,000 shares if the underwriters’ option to purchase additional
shares is exercised in full)
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Initial
Price to Public for Shares of Common Stock Sold:
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$5.25
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NASDAQ
Closing Sale Price per Share
of
Common Stock on December 10, 2009:
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$5.58
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Sole
Book-Running Manager:
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Madison
Williams and Company LLC
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Co-Managers:
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C.K.
Cooper & Company, Inc.
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Use
of proceeds:
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The
issuer intends to use the approximately $24.3 million of net proceeds from
the offering , after deducting underwriting discounts, commissions and
estimated expenses, to fund capital requirements under drilling programs
with Brigham and its other joint venture partners, and for other general
corporate purposes.
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Trade
Date:
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December
11, 2009
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Settlement
Date:
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December
16, 2009
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Shares
Outstanding as of December 10, 2009; Common Stock to be Outstanding after
the Offering:
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As
of December 10, 2009, there were 21,380,146 shares of common stock
outstanding; common stock to be outstanding after the offering will be
26,380,146 shares (27,130,146 shares if the underwriters’ option to
purchase additional shares is exercised in full).
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Additional
Information:
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Madison
Williams and Company LLC (formerly the principal capital markets business
of SMH Capital Inc.) was recently spun out of Sanders Morris Harris Group
(NASDAQ: SMHG) in a management-led buyout. This transaction was
completed on December 9, 2009. Madison Williams and Company has
been assigned and assumed certain assets of SMH Capital in connection with
this transaction, including the financial advisory agreements between U.S.
Energy Corp. and SMH Capital.
Estimated
expenses of underwriters payable by U.S. Energy Corp. in connection with
this offering, including legal fees, will not exceed 2% of the gross
proceeds from the offering based on the initial public offering
price.
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