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Point Loma closes private placement that raised about C$1.7 million

The company will use the proceeds for qualified exploration and development expenses and general corporate purposes

Point Loma Resources - Point Loma Resources Ltd closes on a private-placement offering that raised about C$1.7 million
Point Loma is an oil and gas exploration and development company focused on reservoirs in west-central Alberta

Point Loma Resources Ltd (CVE:PLX) announced Friday that it has closed a private-placement offering that raised about C$1.7 million.

In a statement, the company said the money will be used for qualified exploration and development expenses and general corporate purposes. It noted that members of the company’s board of directors and management team participated in the offering alongside investors.

The group raised C$805,005 at a price of $0.115 per unit, including the full exercise of the over-allotment option; C$757,500.00 in flow-through units at a price of $0.125 per unit; and C$99,999.96 in flow-through units at a price of $0.12 per unit.

READ: Point Loma says production test results for Wizard Lake Rex well determined commercial production has been established

Each unit was comprised of one common share and one warrant, which entitles the holder to acquire one common share at a price of $0.155 each for a period of 36 months.

The Calgary-based oil and gas exploration and development company is focused on conventional and unconventional oil and gas reservoirs in west-central Alberta.

It controls over 140,000 net acres (220 net sections) and has a deep inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Point Loma Resources

Price: 0.05 CAD

TSX-V:PLX
Market: TSX-V
Market Cap: $4.45 m
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