Canada-based oil and gas company Permex Petroleum (CNQX:OIL) plans to list its shares on the New York Stock Exchange and raise approximately $11 million.
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The company intends to offer 2 million shares at a price of $5.50 per share. Through the offering, the company will generate $11 million, assuming that the underwriters’ option is exercised in full. The proceeds will be around $10 million if it is not fully exercised.
At present, the company’s shares are traded over the counter under the symbol OILCD. The shares also trade on the Canadian and Frankfurt exchanges.
Is Permex Petroleum Stock a Buy?
The stock has received a rating from one analyst on Wall Street. Michael Heim from Noble Financial has a Buy rating on the stock with a price target of C$5.39, implying 5.1% upside potential.
Also, TipRanks’ Stock Investors tool shows that investors currently have a positive stance on Permex Petroleum, with 1.6% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
