- Permex Petroleum Corporation (OIL) has closed a brokered private placement for gross proceeds of approximately US$7.5 million
- The company issued 47,128,625 units priced at US$0.16 per unit
- Net proceeds from the offering will be used for drilling and completion of oil & gas wells, rework, stimulation optimization of shut-in wells
- Permex acquires, holds, manages, operates, and sells oil and gas properties
- Permex Petroleum Corporation (OIL) is down 1.75 per cent on the day, trading at C$0.28 per share at 4:15 pm ET.
Permex Petroleum Corporation (OIL) has closed a brokered private placement for gross proceeds of approximately US$7.5 million.
The company issued 47,128,625 units priced at US$0.16 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for one common share for a period of five years at a price of US$0.21 per share.
ThinkEquity acted as the sole placement agent for the offering. ThinkEquity received a cash commission equal to 10.0 per cent of the aggregate gross proceeds, reimbursement of US$125,000 of expenses and broker warrants. Each broker warrant entitles the holder to acquire one additional share for a period of up to five years from the closing date of the offering.
Net proceeds from the offering will be used for drilling and completion of oil & gas wells, rework, stimulation optimization of shut-in wells and general working capital purposes.
All shares and warrants issued are subject to a statutory four-month hold period.
Permex acquires, holds, manages, operates, and sells oil and gas properties.
Permex Petroleum Corporation (OIL) is down 1.75 per cent on the day, trading at C$0.28 per share at 4:15 pm ET.