- Pulse Oil (PUL) has announced a private placement for up to C$12.5M
- The company plans to use the proceeds to advance its 100-per-cent owned Bigoray area Enhanced Oil Recovery Project
- It expects the offering to close in Q2 2022
- Pulse Oil is an energy producer active in Alberta
- Pulse (PUL) is down by 15.38 per cent trading at $0.055 per share
Pulse Oil (PUL) has announced a private placement for gross proceeds of up to C$12.5M.
It will offer units priced at $0.05, with each unit consisting of one common share and one share purchase warrant.
Each warrant is exercisable into one common share priced at $0.065 for one year from the closing of the financing.
Pulse insiders have committed to subscribe for approximately $6M of the offering.
The company plans to use the proceeds to advance its 100-per-cent owned Bigoray area Enhanced Oil Recovery Project. This includes infrastructure purchases and securing a reliable supply of NGL injection solvent.
It expects the offering to close in Q2 2022.
Pulse is primarily focused on its Enhanced Oil Project in Alberta. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years.
Pulse (PUL) is down by 15.38 per cent trading at $0.055 per share as of 10:11 am EST.
