Magnum Hunter Resources received net proceeds of $20.6 millionfrom ONEOK Resources through the voluntary exercise of 100% oftheir public warrant shares (3,174,600 shares) at an exercise priceof $6.50 per share. Through the exercise of these warrants, ONEOKResources increased its current ownership interest from 32% to 38%of Magnum Hunter’s outstanding securities. Additionally, TrustCompany of the West as Investment Manager for General Mills, Inc.exercised 450,000 restricted common purchase warrants and Magnumreceived net proceeds of $2,362,500. “With the combined proceeds ofthis new equity capital totaling approximately $23 million, Magnumcan significantly reduce its current outstandings under its seniorbank credit line, increase our book equity, and at the same timeexpand our market capitalization by approximately $30 million,”said Magnum CEO Gary C. Evans.
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