Permex Petroleum Announces Shares to Resume Trading on the Canadian Securities Exchange, Termination of Previously Announced Private Placement and Proposed New Private Placement
Permex Petroleum (CSE: OIL) has announced the resumption of trading for its common shares on the Canadian Securities Exchange, effective September 9th, 2024. This follows the revocation of a cease trade order issued on April 16, 2024, due to the company's failure to file required financial statements. Permex has now filed the necessary financial documents, which are available on the SEDAR filing system.
The company has also terminated its previously announced private placement and introduced a new non-brokered private placement of up to 18,635 convertible debenture units. Each unit consists of a US$1,000 debenture and 245 warrants. The debentures will mature in one year, bearing 15% simple interest, and can be converted into shares at US$4.08. Proceeds from this offering are intended for drilling, development, potential acquisitions, and working capital.
Permex Petroleum (CSE: OIL) ha annunciato la ripresa delle contrattazioni per le sue azioni ordinarie sulla Borsa valori canadese, a partire dal 9 settembre 2024. Questo segue la revoca di un'ordinanza di divieto di negoziazione emessa il 16 aprile 2024, a causa del mancato deposito da parte dell'azienda delle dichiarazioni finanziarie richieste. Permex ha ora presentato i documenti finanziari necessari, che sono disponibili nel sistema di deposito SEDAR.
L'azienda ha anche annullato il collocamento privato precedentemente annunciato e ha introdotto un nuovo collocamento privato non mediato di un massimo di 18.635 unità di obbligazioni convertibili. Ogni unità consiste in un'obbligazione di US$1.000 e 245 warrant. Le obbligazioni matureranno in un anno, con un interesse semplice del 15%, e possono essere convertite in azioni a US$4,08. I proventi di questa offerta sono destinati a perforazioni, sviluppo, potenziali acquisizioni e capitale circolante.
Permex Petroleum (CSE: OIL) ha anunciado la reanudación de la negociación de sus acciones comunes en la Bolsa de Valores de Canadá, efectiva a partir del 9 de septiembre de 2024. Esto sigue a la revocación de una orden de cese de comercio emitida el 16 de abril de 2024, debido a que la empresa no presentó los estados financieros requeridos. Permex ha presentado ahora los documentos financieros necesarios, que están disponibles en el sistema de presentación SEDAR.
La compañía también ha cancelado su colocación privada previamente anunciada e introducido un nuevo colocación privada no mediada de hasta 18,635 unidades de deuda convertible. Cada unidad consiste en un bono de US$1,000 y 245 garantías. Los bonos vencerán en un año, con un interés simple del 15%, y pueden ser convertidos en acciones a US$4.08. Los ingresos de esta oferta están destinados a perforación, desarrollo, adquisiciones potenciales y capital de trabajo.
Permex Petroleum (CSE: OIL)는 2024년 9월 9일부터 캐나다 증권 거래소에서 일반 주식 거래를 재개한다고 발표했습니다. 이는 2024년 4월 16일 발행된 거래 중지 명령이 철회된 후의 일입니다. 이는 회사가 요구된 재무 제표를 제출하지 않았기 때문입니다. Permex는 이제 필요한 재무 문서를 제출했습니다, 이 문서는 SEDAR 제출 시스템에서 확인할 수 있습니다.
회사는 또한 이전에 발표한 사모 배정을 종료하고 최대 18,635개의 전환 사채 유닛을 포함하는 신규 비중개 사모 배정을 도입했습니다. 각 유닛은 미화 1,000달러의 사채와 245개의 보증으로 구성됩니다. 사채는 1년 후 만기가 되며, 단순 이자율은 15%이고, 미화 4.08달러에 주식으로 전환할 수 있습니다. 이 공모의 수익은 시추, 개발, 잠재적 인수 및 운영 자금에 사용될 예정입니다.
Permex Petroleum (CSE: OIL) a annoncé la reprise des transactions de ses actions ordinaires sur la Bourse canadienne, à compter du 9 septembre 2024. Cela fait suite à la révocation d'un ordre de cessation de négociation qui a été émis le 16 avril 2024, en raison du non-dépôt par la société des états financiers requis. Permex a désormais déposé les documents financiers nécessaires, qui sont disponibles sur le système de dépôt SEDAR.
La société a également mis fin à son placement privé précédemment annoncé et a introduit un nouveau placement privé non intermédié de jusqu'à 18 635 unités d'obligations convertibles. Chaque unité consiste en une obligation de 1 000 USD et 245 bons de souscription. Les obligations arriveront à maturité dans un an, portant un intérêt simple de 15 % et peuvent être converties en actions à 4,08 USD. Le produit de cette offre est destiné à la perforation, le développement, d'éventuelles acquisitions et le fonds de roulement.
Permex Petroleum (CSE: OIL) hat die Wiederaufnahme des Handels mit seinen Stammaktien an der Canadian Securities Exchange ab dem 9. September 2024 bekannt gegeben. Dies folgt auf die Aufhebung einer Handelsaussetzung, die am 16. April 2024 erlassen wurde, weil das Unternehmen erforderliche Finanzberichte nicht eingereicht hatte. Permex hat nun die erforderlichen Finanzdokumente eingereicht, die im SEDAR-Übertragungssystem verfügbar sind.
Das Unternehmen hat auch die zuvor angekündigte Privatplatzierung beendet und eine neue nicht vermittelte Privatplatzierung von bis zu 18.635 wandelbaren Anleiheeinheiten eingeführt. Jede Einheit besteht aus einer Anleihe im Wert von 1.000 US-Dollar und 245 Warrants. Die Anleihen werden in einem Jahr fällig, tragen einen einfachen Zinssatz von 15 % und können zu 4,08 US-Dollar in Aktien umgewandelt werden. Die Erlöse aus diesem Angebot sind für Bohrungen, Entwicklung, potenzielle Übernahmen und Betriebskapital vorgesehen.
- Resumption of trading on the Canadian Securities Exchange
- Revocation of cease trade order, indicating compliance with filing requirements
- New private placement offering to raise capital for operations and growth
- Potential for automatic conversion of debentures if a significant financing is achieved
- Previous failure to file required financial statements, leading to a cease trade order
- Termination of previously announced private placement
- High interest rate of 15% on new convertible debentures
- Potential dilution for existing shareholders due to convertible debentures and warrants
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company") is pleased to announce today that the common shares of the Company will be reinstated for trading on the Canadian Securities Exchange (the "Exchange"), effective September 9th, 2024, in connection with the revocation of the Company's cease trade order (the "CTO") issued by the British Columbia Securities Commission on April 16, 2024.
The CTO was issued due to the Company's failure to file its audited and interim financial statements, the related management's discussion and analyses, and the related certifications for the year ended September 30, 2023, and the interim period ended December 31, 2023, respectively (together, the "CTO Financial Statements").
The CTO Financial Statements have now been filed and are available for review by interested parties on the SEDAR filing system.
The Company has also filed interim financial statements, the related management's discussion and analysis, and the related certifications for the interim periods ended March 31, 2024 and June 30, 2024 respectively. These additional filings are also available for review by interested parties on the SEDAR filing system.
Private Placement
The Company also has terminated its non-brokered private placement (the "Prior Offering") previously announced on February 28, 2024, April 16, 2024, May 29, 2024 and June 18, 2024, and now intends to complete a non-brokered private placement (the "Current Offering") of up to 18,635 convertible debenture units of the Company (each, a "Unit"). Each Unit consists of one convertible debenture (a "Debenture") in the principal amount of US
The Debentures will mature (the "Maturity Date") one-year from the date of issuance. The Debentures will bear simple interest at a rate of
At any time during the term of the Debentures, a holder of Debentures may elect to convert the outstanding principal and any accrued and unpaid interest thereon into Shares at the Conversion Price. The Debentures will automatically convert into Shares at the Conversion Price in the event the Company completes a financing of Shares for aggregate gross proceeds of at least US
The proceeds of the Current Offering are expected to be used for drilling and development, any future acquisition transactions the Company may engage in, and general working capital purposes.
The Units being offered in the Current Offering will be offered only to persons who either qualify as an "accredited investor" as defined in Rule 501(a) of Regulation D under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or who are located outside of the United States and are not a "U.S. person" as defined in Regulation S under the U.S. Securities Act. In connection with the Current Offering, the Company may pay finders' fees as permitted by the policies of the Exchange. All securities issued pursuant to the Current Offering and underlying securities will be subject to a four-month hold period from the date of issuance pursuant to applicable Canadian securities laws, in addition to such other restrictions as may apply under the U.S. Securities Act and other applicable securities laws of jurisdictions outside of Canada.
None of the securities to be offered in either the Current Offering or the Prior Offering have been and will not be registered under the U.S. Securities Act or under any U.S. state securities laws and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. This news release is being issued pursuant to and in accordance with Rule 135c under the U.S. Securities Act.
About Permex Petroleum Corporation
Permex Petroleum (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The Company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The Company, through its wholly owned subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states, and owns and operates on private, state and federal land. For more information, please visit www.permexpetroleum.com.
CONTACT INFORMATION
Permex Petroleum Corporation
Brad Taillon
Chief Executive Officer
(346) 245-8981
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information regarding the date the Company's shares will be reinstated for trading on the Exchange, the completion of the Current Offering and the use of proceeds from the Current Offering.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made, including without limitation, that: the Company's shares will be reinstated for trading on the Exchange; the Company will complete the Current Offering as anticipated, or at all; and that the Company will be able to use the proceeds from the Current Offering as anticipated. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information, including without limitation: that the Company may not be reinstated for trading on the Exchange in a timely manner, or at all; the inability for the Company to close the Current Offering; the inability to use the proceeds from the Current Offering as expected; recent market volatility; and the state of the financial markets for the Company's securities.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222760
FAQ
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