Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors it has a 'healthy' balance sheet as the oiler updated on its Colombia operations, which included that it has started moving a rig to the Rio Cravo Este (RCE) field where three more infill wells will be sunk in the first quarter of 2023 - the first in January - to exploit the Carbonera Sandstone reservoir.
"The infill wells have similar productivity potential to RCE-2 and RCS-1 which are currently producing 850 BOPD net, well above forecasted rates. RCE-2 was paid out in 37 days with an onstream net cost of $4.2MM," the company said.
AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) said it has closed a third tranche of the company's non-brokered private placement announced on October 24, 2022. In conjunction with this third closing, the company issued an additional 744,750 units at a price of 14 cents per unit for gross proceeds of $104,265. Each unit is composed of one common share of the company and one common share purchase warrant, with each unit warrant entitling the holder to subscribe for one common share in the capital of the corporation at an exercise price of 20 cents per warrant share for a period of 24 months following the date of the closing of the private placement. The company intends to use the proceeds from the private placement to deploy AMPD Ventures infrastructure, to increase headcount and for general working capital purposes. To accommodate requests from subscribers, AMPD Ventures is closing this third tranche, but will continue to accept investments up to $2 million and extend its closing date to January. To date, AMPD Ventures has closed a total of $1,665,007 on these first three tranches. In connection with the private placement, the company paid certain finders $7,298 in cash and 52,133 unit warrants as finders' fees. All securities issued under the private placement are subject to a four-month-and-one-day hold period, and completion of the financing is subject to conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange.
Aurelius Minerals Inc (TSX-V:AUL, OTCQB:AURQF) said it has closed a non-brokered private placement of 1,485,713 common shares of the company at a price of 5.25 cents per common share for aggregate gross proceeds of $78,000. The securities issued are subject to a statutory four-month hold period expiring on April 23, 2023. The company hopes to close additional tranche(s) before January 13, 2023. The TSX Venture Exchange has conditionally approved an offering with maximum total gross proceeds of up to $500,000 of common shares at a price of 5.25 cents per common share and up to $400,000 of common shares of the company, with each flow-through share qualifying as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada) at a price of 6.25 cents per flow-through share for aggregate gross proceeds of up to $900,000, including the common share offering closed today. The offering is subject to final acceptance of the TSX Venture Exchange. No commission was paid on the closed private placement; however, the company may pay a cash commission of 6% of the gross proceeds on certain of the future subscriptions. Details will be confirmed on closing of each tranche. The net proceeds from the common share offering will be used by the company for corporate and general working capital purposes, and an amount equal to the gross proceeds from the sale of flow-through shares will be used to incur or be deemed to incur eligible Canadian exploration expenses as defined under the Income Tax Act (Canada) related to the Aureus gold projects located in Nova Scotia.
Zoglo's Incredible Food Corp. (CSE:ZOG) said it has closed the first tranche of its previously announced non-brokered private placement, consisting of 1,929,260 units at a price of 3.11 cents per unit for gross proceeds of $60,000. Each unit consists of one common share of Zoglo's and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of 5 cents per common share for a period of 24 months from the date of issuance. The gross proceeds of the private placement will be used for general working purposes. The private placement is subject to final approval of the Canadian Securities Exchange. All securities that are issued under the private placement are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws. One insider of the company participated in the private placement by subscribing for 946,630 units. Additionally, the company announced that it has granted incentive stock options to an officer and certain consultants of the company to purchase an aggregate of 4,351,209 common shares of the company under the company's stock option plan. Each option will vest immediately and is exercisable for a period of five years at an exercise price of 5 cents per share.