Pambili Closes Oversubscribed Private Placement, Raising C$528,593

An update from Pennine Petroleum ( (TSE:PNN) ) is now available.

Pambili Natural Resources Corporation announced the successful closure of an oversubscribed non-brokered private placement, raising C$528,593 through convertible loan notes. The proceeds will be used for general working capital and the development of the Golden Valley A-1 mining claim. The offering, which involved participation from certain directors and officers, is subject to regulatory approvals and includes a finders’ fee settled through the issuance of common shares and warrants.

Spark’s Take on TSE:PNN Stock

According to Spark, TipRanks’ AI Analyst, TSE:PNN is a Underperform.

The overall stock score reflects significant financial distress, with negative profitability and cash flow issues being the most critical factors. The bearish technical outlook and poor valuation further contribute to a low score. The absence of earnings call data and corporate events means these areas have no impact on the assessment.

To see Spark’s full report on TSE:PNN stock, click here.

More about Pennine Petroleum

Pambili Natural Resources Corporation is a natural resources exploration and development company currently active in Zimbabwe and in the province of Alberta.

Average Trading Volume: 17,214

Technical Sentiment Signal: Sell

Current Market Cap: C$2.47M

For a thorough assessment of PNN stock, go to TipRanks’ Stock Analysis page.