United Energy Corporation (OTCMKTS:UNRG) Stock On Radar After Secured Financing of up to $5 Million
If a company manages to secure fresh financing then it is almost always regarded as a significant development and hence, it may be a good idea to take a look at the United Energy Corporation (OTCMKTS:UNRG) stock this morning.
Trading Data
On Wednesday, UNRG stock lost 1.18% to $0.0840 with 14.56K shares, compared to its average volume 119.02K shares. The stock moved within a range of $0.0806 – 0.0880 after opening trade at $0.0880.
United Energy Announces Secured Financing of up to $5 Million
On Wednesday United Energy announced that it had gone into securities purchasing agreement as well as convertible debt to the tune of as up to $5 million. It was a major new development for the company as the funding was going to complete the first stage of the financing for developing its Cherokee basing oil and gas projects. It should be noted that United Energy is an oil and gas firm of a diversified nature and has a track record of half a century.
The company managed to secure the necessary funding of up to $5 million by way of a Senior Secure Convertible Note. The note can be converted into the company’s common stock at the exchange price of $0.10 a share if the note is actually elected.
The investment in question had been provided through a family office investment fund and the whole thing had been facilitated by the Paulson Investment Company LLC.
Key Quote
Brian Guinn, CEO and President of UNRG, said, “We are pleased to announce this milestone transaction which allows UNRG’s operational team to scale and grow aggressively because of the expected long-term demand of natural gas – both domestically and internationally. This funding provides the financing to meet our growth projections which includes preparing United Energy for its filing to become a fully-reporting SEC company on a major exchange in the near term.”
Technical Data
UNRG stock is trading below the 20-Day and 50-Day Moving averages of $0.0926 and $0.1136 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1012.
