11:05 AM EST - Permex Petroleum Corporation : Announced that it has secured a $5,000,000 USD lending agreement with R.C. Morris Capital Management Ltd. The Company has qualified for an initial cash issuance of USD $2,000,000. The additional draws will be available depending on satisfaction of relevant terms and conditions met on both sides. Permex intends to use the funding to pursue play extension and acquire-and-exploit continued opportunities throughout the Permian Basin by applying the same geologic and petrophysics-driven thesis used in their acquisitions to date. The funding will allow an increase in monthly net cashflow by acquiring interests in producing properties with good potential for additional production increase once enhancement work has been undertaken by Permex. These producing properties and working interests that the company has narrowed down for acquisitions are within the Permian Basin. The Loan repayment, including all outstanding principal, fees and interest, will be due in full 36 months post Closing Date. Interest will accumulate at a rate of 16.75% per year and paid monthly in arrears. Permex Petroleum Corporation
shares OIL:CNX are trading unchanged at $0.27.
