Petrox Resources Corp: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Petrox Capital Corp Announces Filing of Short Form Offering Document
Petrox Capital Corp announced that it has entered into an agency agreement with Wolverton Securities Ltd. in connection with a previously announced financing to be completed by way of Short Form Offering Document in accordance with TSX Venture Exchange policies. Under the Short Form Offering, the Corporation will offer for sale a minimum of 1,000,000 Common Shares and a maximum of 8,000,000 Common Shares for aggregate gross proceeds of a minimum of CAD250,000 and a maximum of CAD2,000,000. In consideration for its services under the Short Form Offering, Wolverton will receive a commission equal to 10% of the gross proceeds received by Petrox 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. Petrox will also grant to Wolverton an option entitling Wolverton to purchase such number of Common Shares as is equal to 10% of the aggregate number of Common Shares sold under the Short Form Offering at an exercise price of $0.25 per share for a period of three years from the date of closing of the Short Form Offering. The net proceeds to be received by the Corporation from the Short Form Offering will be used by the Corporation primarily for the purposes of completing drilling programs on the oil and gas assets proposed to be acquired by the Corporation in connection with the Corporation's proposed Qualifying Transaction.
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