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The latest update is out from Permex Petroleum Corporation ( (TSE:OIL) ).
Permex Petroleum Corporation announced a US$2,000,000 private placement of convertible debenture units, aimed at raising funds for general working capital. This strategic financial move involves issuing 2,000 units to an arm’s length subscriber, each unit comprising a convertible debenture and 393 common share purchase warrants. The debentures mature in one year with a 10% interest rate, offering flexibility for conversion into shares. This initiative is expected to bolster Permex’s financial position, aiding in its operational and strategic goals within the competitive oil and gas industry.
Spark’s Take on TSE:OIL Stock
According to Spark, TipRanks’ AI Analyst, TSE:OIL is a Neutral.
The overall score reflects significant financial challenges, mitigated somewhat by positive technical indicators and promising corporate developments. Financial instability remains the primary concern, although technical trends and strategic initiatives provide potential upside.
To see Spark’s full report on TSE:OIL stock, click here.
More about Permex Petroleum Corporation
Permex Petroleum Corporation is a junior oil and gas company operating in the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The company focuses on low-cost development of Held by Production assets for sustainable growth and Blue-Sky projects for scale growth. It operates through its wholly owned subsidiary, Permex Petroleum US Corporation, and is a licensed operator on private, state, and federal land.
Average Trading Volume: 4,509
Technical Sentiment Signal: Hold
Current Market Cap: C$2.7M
For an in-depth examination of OIL stock, go to TipRanks’ Overview page.