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InvestorNewsBreaks – Lafayette Energy Corp. Featured in Seeking Alpha Article

Lafayette, an oil and gas exploration and production company with operations in Louisiana, was featured in a recent Seeking Alpha article that discussed the company’s filing to raise $7.2 million in an IPO. “Lafayette intends to raise $7.2 million in gross proceeds from an IPO of its common stock, offering 1.2 million shares at a proposed midpoint price of $6.00 per share. No existing shareholders have indicated an interest in purchasing shares at the IPO price. The company has also registered approximately 2.6 million shares for resale by selling shareholders. Assuming a successful IPO, the company’s enterprise value at IPO would approximate $65.1 million, excluding the effects of underwriter over-allotment options. The float to outstanding shares ratio (excluding underwriter over-allotments) will be approximately 10.04%. A figure under 10% is generally considered a ‘low float’ stock, which can be subject to significant price volatility,” reads the article. According to the publication, the company’s management intends to use net proceeds from the IPO for the investment in initial development opportunities, acquisition of additional acreage in the Imperial Parish Fields, conducting 3D seismic/pre-development activities on its optioned properties, payments to officers and directors, as well as for general working capital.

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About Lafayette Energy Corp.

Denver, Colorado-based Lafayette Energy Corp. was founded to acquire and develop sites in southern Louisiana for hydrocarbon development. Management is headed by president and CEO Michael L. Peterson, who has been with the firm since April 2022 and has served on the board of directors for a number of companies, including Trio Petroleum, another company seeking to go public in the U.S. The company has options to lease up to 10,200 acres called the Imperial Parish Fields. As of Dec. 31, 2022, Lafayette has booked fair market value investment of $1.2 million from investors, including Michael Schilling, Adrian Beeston, Naia Ventures and Henry Chamberlain.

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