Deep Down Closes $3 Million Private Placement
Deep Down has reached an agreement with Ironman Energy Capital, L.P. to close a private placement of 3,125,000 shares of common stock of the company at $0.96 per share, or $3,000,000 in the aggregate, in an agreement reached on October 2, 2007, when the closing price was $1.03 per share. The Company expects closing to take place on or before Friday, October 12, 2007.
"Proceeds of this private placement will be used for working capital and general corporate purposes, which may include, but not be limited to capital expenditures, acquisitions, and other strategic uses," commented Eugene L. Butler., Deep Down's chief financial officer. "This transaction reinforces our continuing effort to strengthen our financial position as we prepare ourselves for further growth in accordance with our business plan."