Ring Energy sinks on deep-discounted $60 mln equity raise

Oil and natgas producer Ring Energy REI.A shares down 18.5% premarket to $1.45 after $60 mln follow-on priced

The Woodlands, Texas-based firm late Tues sold ~44.4 mln shares at $1.35, a 24.2% discount to last sale

REI intends to use net offering proceeds to repay debt under credit facility, remainder for general corp purposes

Co has ~209.4 mln shares outstanding

Mizuho, BofA and Raymond James joint bookrunners for offering

Through Tues close, shares had risen ~32% over the past month, putting them up ~105% YTD