leadf
logo-loader
viewPulse Oil Corp

Pulse Oil announces termination of earlier announced placing as it looks to focus initially on smaller financing

In May this year, the oiler unveiled plans to raise up to C$30.9 million gross to accelerate its EOR project in Alberta

Pulse Oil Corp -
"Our efforts will now focus initially on a smaller financing to firm up Pulse’s balance sheet and allowing Pulse the opportunity to pursue the funding needed for the Bigoray EOR project," the firm said

Pulse Oil Corp (CVE:PUL) (FRA:6PL) said that it and its agent have mutually agreed to terminate an earlier announced placing to advance its flagship Alberta asset and the firm was considering alternative financing options. 

In May this year, the oiler unveiled plans to raise up to C$30.9 million gross to accelerate its enhanced oil recovery (EOR) project at Bigoray in Alberta. 

READ: Pulse Oil unveils plans for up to C$30.9M offering to fund Bigoray enhanced oil recovery project

"The past number-of-months have been unprecedented and have resulted in the termination of this financing," said Pulse's chief executive Garth Johnson in a brief statement.

"Our efforts will now focus initially on a smaller financing to firm up Pulse’s balance sheet and allowing Pulse the opportunity to pursue the funding needed for the Bigoray EOR project."

Johnson noted that the project was "ready to go" once adequate funding was achieved. The technical and economic analysis is complete and the results are very encouraging, even at today’s commodity prices.

"This asset is worth persevering through tough times and we are committed to making this program happen," he told investors.

The private placing was conducted by Raymond James Ltd as sole agent and sole bookrunner.

The Bigoray project includes two established Nisku reef reservoirs that have been producing sweet light crude oil for more than 40 years. Pulse aims to inject solvent into the pools, a proven method, to further enhance oil recovery.

Contact the author at giles@proactiveinvestors.com

Quick facts: Pulse Oil Corp

Price: 0.015 CAD

TSX-V:PUL
Market: TSX-V
Market Cap: $2.27 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pulse Oil Corp named herein, including the promotion by the Company of Pulse Oil Corp in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Pulse Oil planning for an enhanced recovery program at flagship Bigoray

Pulse Oil (CVE:PUL) President Drew Cadenhead and CEO Garth Johnson sat down with Steve Darling from Proactive Investors to talk about the work that was done this winter on their projects including their flagship Bigoray and how this set up the big works schedule for this summer. Cadenhead...

on 12/4/19

2 min read