Proactive Investors - Run By Investors For Investors

Permex Petroleum announces plans to raise up to C$1.5 million to advance Permian projects

Permex is a junior oil and gas company with assets and operations across in west Texas and New Mexico
oil rig
The company recently began trading on the OTCQB Market in the US

Permex Petroleum Corp (CSE:OIL) (OTCMKTS:OILCF) announced Monday that it plans to raise up to C$1.5 million to advance its projects in the prolific Permian basin in the US.

The Vancouver-based junior oil company said in a statement that the funds will be used for restarting waterfloods and bringing online additional shut-in wells for added production.

READ: Permex Petroleum shares to start life on OTCQB market today

In addition, the company will use the proceeds to offset acreage acquisition for an increase to contagious acreage holdings as well as general working capital purposes.

The non-brokered private placement includes a minimum of 4 million units up to a maximum of 10 million units at C$0.15 per share for proceeds of at least $600,000 up to a maximum of $1.5 million.

Each unit consists of one common share of Permex as well as a warrant entitling the holder to purchase shares at an exercise price of $0.25 for 24 months after closing of the offering, subject to accelerated expiry if the share price closes at or greater than $0.50 for ten consecutive trading days.

Permex is a junior oil and gas company with assets and operations across in west Texas and New Mexico. The company recently began trading on the OTCQB Market in the US.

Shares of Permex were trading at C$0.15 on the Canadian Securities Exchange on Monday and at US$0.12 on the OTCQB.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

View full OIL profile View Profile

Permex Petroleum Corporation Timeline

Related Articles

Isle of Wight
February 01 2019
“With company estimates of close to US$80m NPV of assets already in place, we look forward to growing awareness of the considerable strength of the United business.”
1547596317_Permex-rig-for-Proactive.jpg
January 15 2019
Around 30% of total US oil production takes place in the Permian Basin
oil and gas operations
July 20 2018
“To open up the well and have clean oil come to surface with no water meant the Gatwick Gusher gushed again – a lot earlier than we thought,” Lenigas said in exclusive interview with Proactive Investors’ Andrew Scott.
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use