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Petrox Resources ( (TSE:PTC) ) has shared an announcement.
Petrox Resources Corp. has successfully completed a private placement of convertible debentures, raising an aggregate principal amount of $400,000. The debentures, maturing in one year without interest, will convert into common shares following a planned 10:1 share consolidation. The proceeds are intended for working capital and potential future acquisitions, although allocation may vary based on future opportunities. The placement involved related party transactions, approved by the corporation’s directors, and included cash commissions and compensation warrants to financial firms involved in the offering.
More about Petrox Resources
Petrox Resources Corp. is a publicly traded Canadian junior oil and gas company focused on the exploration and development of oil and natural gas resources in the Western Canadian Basin. The company currently operates a production property in Fletwode, Saskatchewan, producing approximately 15 barrels per day. Petrox’s common shares are listed on the TSX Venture Exchange under the symbol ‘PTC’.
Average Trading Volume: 48,551
Technical Sentiment Signal: Sell
Current Market Cap: C$275.7K
Learn more about PTC stock on TipRanks’ Stock Analysis page.