Petrox Resources to Raise $7 Million through Private Placement

Petrox Resources Corp. (PTC.V) has entered into a letter of intent effective December 28, 2012 proposing to sell to Pearl Oriental Oil Limited up to 43.75 million units at a price of $0.16 per unit, for gross proceeds of up to $7 million.

Proceeds of the proposed transaction will be used to fund the exploitation and development plans for Petrox's P&NG properties in Central Alberta, specifically, Petrox intends to use the funds to drill three or four wells on its properties and, subject to due diligence, to acquire a small producing property and additional land holdings, as well as for general corporate purposes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.