Proactive Investors - Run By Investors For Investors

Permex Petroleum raises C$4.067mln in IPO; starts trading on CSE on May 17

The oil company issued over 8.12mln shares at C$0.50 a throw for aggregate gross proceeds of C$4,067,750..
Permex Petroleum  raises C$4.067mln in IPO; starts trading on CSE on May 17
Permex is in the oil business

Permex Petroleum Corporation (CSE:OIL) revealed it had completed its initial public offering (IPO), raising over C$4mln and shares will resume trading on the CSE tomorrow (May 17) under the symbol 'OIL'.

The oil company issued over 8.12mln shares at C$0.50 a throw for aggregate gross proceeds of C$4,067,750.

Permex has oil and gas assets in Texas and New Mexico in the US and net proceeds are expected to be used, among others, to enhance and develop existing properties by returning shut in wells to production.

The group also plans to start waterflood activities, re-entering and stimulating well candidates that indicate the most potential for production, infill drill shallow fields and buy more assets, it said.

The offering was made via a syndicate of agents led by Canaccord Genuity and included Gravitas Securities Inc.

They have received a cash commission equal to 8% of the gross proceeds, an aggregate of 203,387 shares representing shares issuable pursuant to the agents' 2.5% corporate finance fee and warrants exercisable to acquire up to 650,840 Permex shares for $0.50 per share until May 16, 2021.

Upon the start of trading, it is anticipated that Permex will have over 35.66mln issued and outstanding common shares.

View full OIL profile View Profile

Permex Petroleum Corporation Timeline

Related Articles

oil and gas operations
December 03 2018
The acquisitive oiler has told investors that financial results for 2018 will be ahead of previous expectations
1537383711_PumpJack.jpg
September 19 2018
Permex has assets across West Texas and southeast New Mexico..
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.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

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