Net Proceeds Will Be Used to Fund Recent Drilling Operations, New Strategic Initiatives and General and Administrative Expenses
PHOENIX, AZ / ACCESSWIRE / January 24, 2023 / PetroSun, Inc. (OTC PINK:PSUD; the "Company"), which holds operated working interests in over 300,000 acres (gross) of oil, natural gas and helium leases in the Holbrook Basin and Four Corners region, announced today that it has completed a sale of 67.2 million common shares. The common shares were purchased by Accredited Investors pursuant to Rule 506 of Regulation D.
Proceeds from the offering will be used to fund recent drilling operations at the Company's prospective helium well at Manuel Seep, new strategic initiatives relating to helium exploration and development, general and administrative expenses, and fees and expenses of the offering. Newly issued shares were sold at a price of $0.01 per share.
Chris Hewitt, Chief Financial Officer of PetroSun, stated, "This offering has successfully broadened the Company's investor base by attracting new investors, in addition to raising funds to support the Company's recent and continuing field operations and general and administrative expenses. We appreciate the support of existing and new investors who took part in the offering."
The Company may consider the issuance and sale of additional common shares as part of its financing strategies.
ABOUT PETROSUN, INC.
PetroSun, Inc. owns significant leasehold acreage that is prospective in helium exploration and production in the Holbrook Basin of Arizona and prospective for natural gas and helium in the Paradox Basin of Utah. The Company holds mineral leases on over 282,000 gross acres in the Holbrook Basin and over 26,000 gross acres in the Paradox Basin. The Company trades on the OTC Pink Sheets under the symbol "PSUD".
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "project", "should", "will", "would", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTCMarket.com website.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018
SOURCE: PetroSun, Inc.