Petrox Resources Corp: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Petrox Capital Corp Announces Proposed Concurrent Financings
Petrox Capital Corp announced that it has entered into engagement letters with Wolverton Securities Ltd. (Wolverton) with respect to the financings to be completed in connection with the Corporation's Qualifying Transaction involving Richfield Oils Inc. disclosed in the Corporation's press release dated January 24, 2012. Pursuant to one engagement letter, Wolverton has been appointed to act as the Corporation's agent to raise, on a commercially reasonable efforts basis, by way of Short Form Offering Document, for maximum gross proceeds of $2,000,000 through the issuance of up to 8,000,000 common shares in the capital of the Corporation at a price of $0.25 per Common Share. In consideration for its services under the Short Form Offering, Wolverton will receive a commission equal to 10% of the gross proceeds received by the Corporation from the sale of the Common Shares, which commission shall be payable in cash, Common Shares or any combination thereof at the discretion of Wolverton. Pursuant to the second engagement letter, Wolverton has agreed to purchase as an underwriter on a bought deal private placement basis from the Corporation 2,000,000 units of the Corporation at a price of $0.25 per Unit for gross proceeds of $500,000. The Corporation intends to use the net proceeds from the Short Form Offering and Bought Deal Private Placement for the exploration and development of the Richfield Assets, acquisitions and general working capital.
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