Permex Petroleum to raise funds to acquire more assets in Permian basin
Unlisted company Permex Petroleum Corporation intends to raise up to C$2mln ahead of its intended flotation.
The company will be raising the funds by issuing up to 5mln shares at 40 cents a throw, and intends to use the money raised to acquire more assets in the Permian basin, specifically the Delaware basin of Texas and New Mexico, to scale up its ownership and operational positions in the region.
Unusually for a Canadian share offering, no warrants are being issued as part of the offering.
Permex said subscriptions for the shares would be handled on a “first come, first served” basis.
“We are extremely excited to continue to advance our acquisitions in the Permian-Delaware Basin of New Mexico and Texas through this round of financing. Ultimately, these activities will play a major role in expanding our reserves and production footprint in the region”, said Mehran Ehsan, chief executive officer of Permex.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/182381/permex-petroleum-to-raise-funds-to-acquire-more-assets-in-permian-basin-182381.html
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