Vancouver, British Columbia–(Newsfile Corp. – April 16, 2024) – Permex Petroleum Corporation (CSE: OIL) (OTC Pink: OILCF) (FSE: 75P) (“permex” or “company“) is pleased to announce that the Company has closed its previously announced third-party allotment capital increase (“).RecruitmentOur convertible bond unit (“”)unit“) Total revenue of USD 500,000.
Pursuant to the offering, the Company issued 500 units, each unit consisting of one convertible debenture (consisting of “'').bond$1,000 principal amount and one common share purchase warrant for (“)warrantEach stock acquisition right can be exercised per share of the Company's common stock for five years from the date of issue.share“) The strike price is USD 4.08.
The corporate bond matures (“Maturity dateThe earlier of (i) one year from the date of issuance, or (ii) three months from the date of issuance if we have not entered into a security exchange, unit purchase or merger agreement with a third party. It becomes. To the reasonable satisfaction of a majority of the holders of the Debentures, the Debentures bear simple interest at the rate of 10%, payable on the date of maturity or on the date on which all or a portion of the interest on the Debentures is repaid. Cash or stock based on a conversion price of USD 3.40 (“conversion price“), subject to approval by the Canadian Securities Exchange (“exchangeThe Notes are senior to all other existing and future indebtedness of the Company and are secured by a general security agreement over certain assets of the Company.
At any time during the term of the Notes, the holders of the Notes may elect to convert their unpaid principal and accrued and unpaid interest into equity securities at the conversion price. If the Company completes equity financing in the aggregate of US$7,500,000 or more, the Notes will automatically convert into equity at the conversion price.
The Company intends to use the proceeds from the initial public offering for general working capital purposes and for potential mergers and acquisitions. ThinkEquity LLC is an advisor to Permex in pursuing strategic alternatives.
All securities issued in the offering are subject to resale restrictions imposed by applicable law or regulation, including a statutory holding period that ends four months and one day after the closing date of the offering.
None of the securities issued in connection with the offering will be registered under the United States Securities Act of 1933, as amended (“1933 Act“) and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or an offer to buy. There shall be no sale of securities in any state in which such offer, solicitation or sale would be unlawful.
contact address
Permex Oil Co., Ltd.
Mehran Ethan
President, Chief Executive Officer and Director
(469) 804-1306
Gregory Montgomery
CFO
(469) 804-1306
Or, for investor information, please contact us below.
Renmark Financial Communications Co., Ltd.
Steve Hosein: shosein@renmarkfinancial.com
Phone number: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
Disclaimer Note:
Neither Canadian Securities Exchange, OTCMarkets nor its Regulation Services Provider (as that term is defined in its respective policies) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This press release contains forward-looking information within the meaning of Canadian securities laws. These statements relate to future events or the company's future performance. All forward-looking information is based on assumptions and is subject to known and unknown risks, uncertainties and other risks that may cause actual results to differ from those expressed or implied by the forward-looking statements. influenced by factors. Such information includes, but is not limited to, information regarding the terms and conditions of our future plans. Although we believe that such information is reasonable, there can be no assurance that such expectations will prove to be correct.
Forward-looking information typically is identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “assumes” and similar expressions. or refer to future events in their nature. Such statements include, without limitation, the anticipated use of proceeds from the offering and other forward-looking information. We believe that the forward-looking information we provide is not a guarantee of future results or performance, and that actual results may vary as a result of a variety of factors, including but not limited to: Investors are cautioned that the actual results may differ materially. financial market conditions for our securities; Current status of the oil and gas sector. Recent market volatility. the Company's ability to raise necessary capital or fully execute its business strategy; and other risks and factors not currently known to us. In making the forward-looking statements in this news release, the Company makes certain important assumptions, including, without limitation, that the Company's financial condition and future plans will not change as a result of unanticipated events. It is applied.
Although the Company's management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, There may be other factors that cause the results to differ from those anticipated, estimated or intended. . There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. Readers are cautioned that the forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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