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Stock Market & Financial Investment News

News Breaks
November 25, 2013
07:01 EDTXCOEXCO Resources announces intent to conduct rights offering
EXCO Resources announced that, subject to applicable regulatory approvals, it intends to conduct a rights offering, which will allow the company to raise equity capital through the sale of its common shares. Certain terms of the rights and the record date to determine those shareholders entitled to receive the rights will be announced at a later date. In connection with this offering, the company anticipates that it will distribute, at no charge, to its common shareholders, one subscription right for every four shares of common stock held of record as of the record date. Each subscription right will entitle the holder thereof to purchase one common share at a cash subscription price of $5.00 per share. If all of the rights are exercised, the Company would raise approximately $272.9M. The company currently plans to distribute transferable rights that will be listed on the New York Stock Exchange.
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