Prairie Provident Resources Raises $8.67 Million Through Equity Financing
Calgary, Alberta – Prairie Provident Resources Inc. (Prairie Provident or the Company) is thrilled to announce the successful completion of the second and final tranche of its previously announced equity financing, adding an additional $3.87 million to the $4.8 million raised in the first tranche. This brings the Company’s total gross proceeds from the financing to $8.67 million.
Listed Issuer Financing Exemption Offering
In the first tranche, Prairie Provident issued 86,267,672 Units under the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws. Each Unit consisted of one Common Share and one Common Share purchase warrant. The Warrants are exercisable for one Common Share at a price of $0.05 per share until March 5, 2028.
Private Placement
In the second tranche, the Company issued 117,647,059 Common Shares in a private placement, exempt from the prospectus requirements of applicable Canadian securities laws. The securities were sold at a price of $0.0425 per Common Share.
Impact on Prairie Provident
The successful completion of the equity financing will enable Prairie Provident to continue its strategic growth plans. The Company intends to use the net proceeds from the Offerings for the development of its assets, including drilling and completion activities, and for general corporate purposes.
Impact on the World
The energy sector, and specifically the oil and gas industry, plays a significant role in the global economy. Prairie Provident’s successful equity financing is a positive sign for the industry, demonstrating investor confidence in the sector’s potential for growth. The proceeds from the financing will contribute to the development of the Company’s assets, potentially leading to increased production and economic activity. Furthermore, the funds could lead to job creation and support local communities where Prairie Provident operates.
Conclusion
Prairie Provident Resources Inc. has successfully raised $8.67 million through the completion of its second and final tranche of equity financing. The funds will be used to develop the Company’s assets and support its strategic growth plans. This positive news for Prairie Provident is also a promising sign for the oil and gas industry, potentially leading to increased production, economic activity, and job creation.
- Prairie Provident raises $8.67 million through equity financing
- The funds will be used for asset development and strategic growth
- Positive sign for the oil and gas industry
