Royale Energy slips on $4M private placement
Shares of Royale Energy Inc. (Nasdaq:ROYL) are slipping in pre-market trading after the independent energy company said this morning that it will conduct a private placement of roughly $4 million. Proceeds from the placement, which is expected to close later today, will be put toward accelerating drilling and development on several projects, as Royale seeks to bolster its cash flows.
Shares slumped 12.3%, or $1.13, to $8.05 in pre-market trading. For detailed price information and recent news stories about Royale Energy, click ROYL.
