New Concept Energy, Inc. reported that its stockholders approved a private placement of up to 2,000,000 shares of common stock to Realty Advisors, Inc. (RAI) at $1.00 per share for an aggregate of $2,000,000 in cash. Upon issuance and subsequent NYSE American listing approval, RAI’s ownership will increase from 7.79% to approximately 33.65%, triggering a deemed change in control under SEC rules. The company also reported the routine re-election of its five directors and ratification of its auditor, Turner Stone & Company LLP. New Concept Energy operates in the oil and gas industry, providing drilling services.
