Permex Petroleum Corporation (OTCMKTS:OILCF) Stock Falls 23% in a Week: Here is Why
Permex Petroleum Corporation (OTCMKTS:OILCF) is down 23% in a week. The junior gas and oil company announced that it had increased its number of units under the previously disclosed non-brokered private placement offering because of enhanced demand.
Market Stats
On Wednesday, OILCF stock fell 0.56% to $0.2205 with more than 160k shares, compared to its average volume of 104K shares. The stock has moved within a range of $0.2006 – 0.2221 after opening the trade at $0.2221.
Closing of Over-Subscribed Private Placement Offering
When the company closed the offering, it issued 2.647 million units for gross proceeds of around CD$714,700. The issued Units comprise a common share and one-half of a common share warrant. Warrant holders will be entitled to acquire additional shares of the company at CD$0.544 per share and will expire after two years.
CEO Permex Petroleum Mehran Ehsan said that they are delighted with the results of the private placement. Ehsan said that there was a positive response to the offering two days ago from various investors in the JUS and Canada. The demand can be attributed to its comprehensive operational strategy, includingits recent acquisitions and corresponding benefits. As a result, the company is better positioned to execute its near-term business strategy and implement steps for a long-term strategic vision and development plan. So in the coming weeks, POILCF is worth watching.
Key Quote
“We are very pleased with the results of our private placement,” said Mehran Ehsan, President and CEO of Permex Petroleum. “Our announcement of the offering two days ago was met with a highly positive response from interested investors in Canada and the United States, which we attribute to our comprehensive operational strategy, including our recent acquisitions and their corresponding benefits. The Company is now well positioned to execute on its near-term business plans while implementing the steps for our long-term development plans and strategic vision, with a focus on driving revenue, profit and ultimately sustainable value for our shareholders.”
