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Pennine Petroleum ( (TSE:PNN) ) has shared an update.
Pambili Natural Resources Corporation has successfully secured C$138,500 as the first tranche of its C$1-million non-brokered private placement. This funding will provide the necessary working capital to complete and file the company’s financial statements for the year ended December 31, 2024, and the unaudited financial statements for the first two quarters of 2025. The company is currently under a Failure to File Cease Trade Order by the Alberta Securities Commission, but it has applied for a partial revocation to enable the closing of this tranche. The funds raised will cover audit, accounting, legal, and filing fees, along with general administration expenses. Pambili’s CEO, Jon Harris, views this tranche as a positive endorsement of the company’s potential, particularly in the context of high gold prices, and anticipates completing the full offering once the cease trade order is lifted.
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 focused on developing gold projects in Zimbabwe.
Average Trading Volume: 38,594
Technical Sentiment Signal: Hold
Current Market Cap: C$3.34M
See more insights into PNN stock on TipRanks’ Stock Analysis page.