Oil and gasoline producer Permex information for NYSE uplisting, $11M providing (OTCMKTS:OILCD)

Oil and gasoline producer Permex Petroleum (OTCQB:OILCD) has filed to uplist its shares to NYSE and lift round $11M.

Permex mentioned in a submitting that it’s providing 2M shares on the assumed value of $5.50 per share, which is topic to vary. The corporate expects the deal to generate internet proceeds of $11M if the underwriters possibility is exercised in full, round $10M if it’s not. Assume Fairness is serving as lead bookrunner.

The corporate’s shares are presently traded OTC below the image OILCD and on the Canadian and Frankfurt exchanges. Permex effected a 1-for-60 reverse inventory break up on Nov. 2 to qualify for the NYSE itemizing.

Primarily based in Dallas, Permex is engaged within the acquisition, exploration and manufacturing of oil and pure gasoline, primarily within the Permian Basin. The corporate operates 78 oil and gasoline wells and has 11,700 internet acres of manufacturing belongings.

For the fiscal yr ended Sept. 30, 2021, Permex reported a internet lack of $1.2M and income of solely $47K, which it attributed to the sale of sure belongings and an prolonged manufacturing shutdown as a result of a steep decline in oil costs. The corporate is presently working to convey sure belongings again on-line.

Final week, Permex introduced that it had accomplished drilling of its first Breedlove Oilfield properly in Martin County, Texas.