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Pennine Petroleum ( (TSE:PNN) ) just unveiled an announcement.
Pambili Natural Resources Company has received a partial revocation of a cease trade order from the Alberta Securities Commission, allowing it to proceed with the first tranche of a non-brokered private placement. This move is aimed at addressing the company’s previous inability to file required financial documents, with the proceeds allocated to auditing, accounting, legal, and filing fees, as well as working capital. The completion of this tranche is contingent upon approval from the TSX Venture Exchange, and the company’s securities remain subject to the cease trade order until full revocation.
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 Company is a natural resources exploration and development company currently active in Zimbabwe.
Average Trading Volume: 25,683
Technical Sentiment Signal: Hold
Current Market Cap: C$3.34M
For an in-depth examination of PNN stock, go to TipRanks’ Overview page.