- Pulse Oil Corp. (PUL) receives rights offering and standby commitment of C$1,500,000
- Assuming the exercise of all rights, the rights offering will raise gross proceeds of C$1,515,924
- Each standby commitment warrant will be exercisable for 60 months from the date of issuance
- Pulse Oil Corp is an oil and gas producer and explorer with a focus in Canada
- Pulse Oil Corp. (PUL) is in the grey, trading at C$0.035 at 4:20 pm ET
Pulse Oil Corp (PUL) announced that it will be issuing rights to holders of its common shares of record at the close of business on April 6, 2021, to shareholders in eligible jurisdictions.
Each shareholder will receive one transferable right for each common share held as of the record date.
Each right will entitle the holder to subscribe for one common share at a subscription price of C$0.01 until 5:00 pm on April 30, 2021.
Assuming the exercise of all rights, the rights offering will raise gross proceeds of C$1,515,924.
The rights will be issued to shareholders residing within eligible jurisdictions in Canada and shareholders outside of the eligible jurisdictions who have satisfied Pulse Oil that they can legally receive the rights.
DRS advice statements will not be mailed to shareholders who live outside of the eligible jurisdictions, unless such shareholders are able to establish, on or before April 19, 2021, that they are eligible to participate in the rights offering.
Each standby commitment warrant will be exercisable for 60 months from the date of issuance into one common share at a price of C$0.05 per share.
Pulse CEO, Garth Johnson commented,
“This is a big step forward for Pulse. We’ve had to persevere through financing uncertainty, Covid-19 and a significant drop in commodity prices. Our team had to cut costs, re-group and take a serious look at our options to continue as a going concern."
"Today’s announcement is a positive step forward and with the proceeds of this financing, we will invest in reactivating oil and gas production, increase cash flow, honour agreements with vendors that we have negotiated with to settle their accounts and strengthen our balance sheet," added Johnson.
Pulse Oil Corp is an oil and gas producer and explorer with a focus in Canada.
Pulse Oil Corp. (PUL) is in the grey, trading at C$0.035 at 4:20 pm ET.