Why Did NG Energy (GASXF) Stock Go 22% Higher On Friday?

Stock in NG Energy International Corp (OTCQX-GASXF) surged significantly as it increased 10.89% to $1.12 at last close. In the last week, GASXF stock performed 21.61% better than its monthly performance of 20.82%. GasXF stock charted a steady rise on the announcement of a private placement.


Here's Your FREE Report on the #1 Small-Cap Uranium Stock of '22.
Small-cap Uranium stocks are booming in 2022! The company we're about to show you is the ONLY small-cap stock in the space that benefits from ALL aspects of the global Uranium industry with none of the risks of running a mine. Smart investors will not be hesitating on this one!
Get the FREE Report with all the details here.

Sponsored


GASXF is now seeking how much funding? 

As a publicly traded exploration and production company, NG Energy is committed to providing a sustainable and clean energy solution for Colombia. This will be accomplished through GASXF’s two concessions, SN-9, a 311,353 acres block next to Canacol’s Nelson field, and Maria Conchita, a 32,518-acre block in the La Guajira region. The team at GASXF has extensive experience building companies in South America and creating value.

On Friday, NG Energy announced that the previously announced financing would be increased to C$8,000,000.

  • As a result of this, GASXF is now offering 8,000,000 units (each called “Unit”), at a price of $1 per unit, for a total gross proceeds of $8,000,000.
  • GASXF had originally planned to conduct a non-brokered private placement for 7,000,000 units, at a price of C$1.00 each, for a gross proceeds of C$7,00,000.
  • Units in the revised initiative will comprise one common share with one share purchase warrant, with each Warrant entitle the holder to purchase one additional common share at a price of $2.20 for a period of 24 months from the date of issuance.
  • In the event that the closing price of the common shares of GASXF on the TSX Venture Exchange exceeds $2.00 for twenty consecutive trading days, the Warrants may be subject to accelerated expiry.
  • TSX Venture Exchange approval is required to complete the private placement.
  • Under the terms of the private placement, the securities offered in connection with the offering are subject to a statutory hold period of four months and one day.
  • Certain eligible parties who introduce subscribers to GASXF will receive finders’ fees of 6%, payable in cash or Units.

GASXF’s exploration efforts:

NG Energy (GASXF) said last month it met all the environmental requirements asked by the National Environmental Licensing Authority (“ANLA”). As part of the Environmental License, GASXF is permitted to drill in the SN9 block for exploratory purposes. Besides the construction of civil works and production infrastructure, the license also covers the development of up to 11 well sites, totaling 22 wells.

The road and pad for Magico-1X will be constructed by NG Energy (GASXF) immediately. CPVEN has contracted with a drilling rig and it is waiting in a nearby location, ready to be mounted and start drilling within the first week of November 2021

Latest

The Chart for Block Inc. (SQ) Stock Is Flashing Mixed Signals

In the first quarter, large investment funds expanded their...

What to Expect When Snap Inc. (SNAP) Reports Quarterly Earnings?

Snapchat, a social media platform owned by Snap Inc....

Getting Sustainable Earnings? Movado Group Inc. (MOV)

Movado Group Inc. (NYSE: MOV), the owner of the...

Future Prospects Brighter For Red Cat Holdings Inc. (RCAT) Stock

The US Army has awarded Red Cat Holdings, Inc....

Newsletter

 

Don't miss

Healthy Upside Potential: Maxar Technologies Ltd. (MAXR)

In May 25 trading, shares of space business Maxar...

Atkore Inc. (ATKR) stock: Better Than You Think

Atkore Inc. (NYSE:ATKR), a manufacturer of infrastructure, electrical, and...

Provention Bio, Inc. (PRVB) Having a Robust Premarket After Abysmal Thursday

Provention Bio, Inc. (PRVB), a clinical stage biopharmaceutical company,...

Farmmi, Inc. (FAMI) Stock Soaring in Premarket, Here’s the Reason

Farmmi, Inc. (FAMI), a company that processes and sells...

Ulta Beauty Inc. (ULTA) last month performance of -6.16% certainly makes it a sizzling prospect

Ulta Beauty Inc. (NASDAQ: ULTA) open the trading on May 26, 2022, with great promise as it jumped 7.09% to $377.96. During the day,...

The key reasons why Alset EHome International Inc. (AEI) is -95.54% away from 52-week high?

Witnessing the stock’s movement on the chart, on May 26, 2022, Alset EHome International Inc. (NASDAQ: AEI) set off with pace as it heaved...

StoneCo Ltd. (STNE) latest performance of 2.97% is not what was on cards

StoneCo Ltd. (NASDAQ: STNE) established initial surge of 2.97% at $9.71, as the Stock market unbolted on May 26, 2022. During the day, the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here