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 Resources Corp Announces Proposed Unit Private Placement
Petrox Resources Corp announced that it has entered into a letter of intent effective December 28, 2012 proposing to sell to Pearl Oriental Oil Limited up to 43,750,000 units of Petrox, at a price of $0.16 per Unit, for gross proceeds of up to $7,000,000. Each Unit will consist of one common share in the capital of Petrox (Common Share) and one non-transferable share purchase warrant (Warrant). Each Warrant will entitle the purchaser to acquire an additional Common Share at an exercise price of $0.20 per share for a period of two years from the date of closing. Proceeds of the Proposed Transaction will be used to fund the exploitation and development plans for Petrox's P&NG properties in Central Alberta, specifically, Petrox intends to use the funds to drill three or four wells on its properties and, subject to due diligence, to acquire a small producing property and additional land holdings, as well as for general corporate purposes. It is expected that a Definitive Agreement for the Proposed Transaction may be signed between Petrox and Pearl in January 2013, and the Proposed Transaction may be completed on or before 15th of March 2013.
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