HOUSTON, Texas, Sept. 08, 2017 (GLOBE NEWSWIRE) -- On September 7, 2017 Bison Interests, LLC and Bison Energy Opportunity Fund, LP (collectively, "Bison"), entities controlled by Mr. Joshua Young ("Mr. Young"), Portfolio Manager, acquired ownership of 1,666,667 units of RMP Energy Inc. ("RMP") at a price of $0.60 per Unit pursuant to a non-brokered private placement of Units completed by RMP on September 7, 2017. Each Unit is comprised of one common share in the capital of RMP ("Common Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one Common Share at a price of $0.75 for a period of four (4) years from the date of issuance. Additionally, on September 7, 2017, Bison Interests, LLC acquired an additional 304,000 Common Shares through the open market at an average price of $0.52 per Common Share.
Prior to these transactions, Bison owned an aggregate of 13,113,800 Common Shares or approximately 8.7% of the issued and outstanding Common Shares (on a non-diluted basis). Following these transactions, Bison currently owns an aggregate of 15,084,467 Common Shares and 1,666,667 Warrants. Mr. Young, in his capacity as a director of RMP, also holds 320,000 options to purchase Common Shares and 100,000 restricted awards to acquire Common Shares. The 15,084,467 Common Shares owned by Bison represent approximately 9.6% of the issued and outstanding Common Shares (on a non-diluted basis). Inclusive of the 15,084,467 Common Shares owned by Bison and assuming the exercise of all convertible securities of RMP held by Mr. Young and Bison, Mr. Young and Bison would beneficially own, control and direct an aggregate of 17,171,134 Common Shares, representing 10.8% of the then outstanding Common Shares.
Bison acquired the Units and Common Shares described herein for investment purposes. Bison may, depending on market and other conditions, increase or decrease its ownership of Common Shares or other securities of RMP, whether in the open market, by privately negotiated agreement or otherwise.
For further details, please see the early warning report filed with the applicable Canadian securities regulatory authorities which is available under RMP's SEDAR profile at www.sedar.com.