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.
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