Prairie Operating Co. (PROP): M&A transaction — Prairie Operating closes $49.6M NRO acquisition, raises $15M equity & $20M debt

Prairie Operating Co.

Closed $49.6M cash acquisition of Nickel Road Development oil & gas assets on Oct 1, 2024.
Entered $40M Standby Equity Purchase Agreement (SEPA) with YA II PN; $15M pre-paid advance at 8%.
Issued $5M subordinated note (10% interest) and warrants for 1,141,552 shares at $8.89 to related-party noteholders.
Sold 1,827,040 shares at $8.21 in private placement to fund acquisition.
Non-compensatory options to purchase 800,000 shares transferred to entities controlled by directors.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Prairie Operating Co. completed an acquisition involving Nickel Road Development LLC and Nickel Road Operating LLC for $49.6 million (closed 2024-10-01).

Action: acquisition
Counterparty: Nickel Road Development LLC and Nickel Road Operating LLC
Consideration: $49.6 million
Closing: 2024-10-01

Exact text from the filing

assets of Nickel Road Development LLC (“ NRD ”), Nickel Road Operating LLC (“ NRO ” and, together with NRD, collectively, the “ Sellers ”). On the Closing Date, the Company paid $49.6 million to the Sellers in cash, sourced from the consideration from the Securities Purchase Agreement, the Pre-Paid Advance under the SEPA and cash on hand. The Company had previously

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Prairie Operating Co. filing history →

Source: SEC EDGAR

accession 0001493152-24-039563

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