Point Loma Resources raises C$3.45mln in oversubscribed offering

As reported, the funds are planned to be used to drill horizontal wells and recompletion activities
Point Loma Resources raises C$3.45mln in oversubscribed offering
Pulse Oil plans to drill horizontal wells with the cash

Point Loma Resources Ltd (CVE:PLX) says it's raised around C$3.45mln after closing its offering of flow-through shares.

Notably this includes more than 1.36 mln shares, which were issued after the full exercise of the overallotment option by the agent Mackie.

As previously reported, the funds are planned to be used to drill horizontal wells and recompletion activities targeting oil in the Mannville, Nordegg or Banff shale formations as well as for exploration expenses.

Mackie Research acted as the agent and offered the shares at 33 cents a pop.

It was granted the option to purchase up to a further 15% of the number of flow-through shares sold to cover overallotments.

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