Jan 24, 20231 min
PetroSun has completed a sale of 67.2 million shares at a price of $0.01 per share, which is a steep discount to the share price and has raised US$672,000 in gross proceeds, which will be used to fund recent drilling operations, new strategic initiatives, general and administrative expenses, and fees and expenses of the offering.
Press Release:
PetroSun, Inc., which holds operated working interests in over 300,000 acres (gross) of oil, natural gas and helium leases in the Holbrook Basin and Four Corners region, announced today that it has completed a sale of 67.2 million common shares. The common shares were purchased by Accredited Investors pursuant to Rule 506 of Regulation D.
Proceeds from the offering will be used to fund recent drilling operations at the Company's prospective helium well at Manuel Seep, new strategic initiatives relating to helium exploration and development, general and administrative expenses, and fees and expenses of the offering. Newly issued shares were sold at a price of $0.01 per share.
Chris Hewitt, Chief Financial Officer of PetroSun, stated, 'This offering has successfully broadened the Company's investor base by attracting new investors, in addition to raising funds to support the Company's recent and continuing field operations and general and administrative expenses. We appreciate the support of existing and new investors who took part in the offering.'
The Company may consider the issuance and sale of additional common shares as part of its financing strategies.