Nexera Energy Inc. has announced the successful closure of its previously disclosed non-brokered private placement. The transaction involved the issuance of 40,000,002 units, with 5,500,000 units being purchased by directors and officers of the company. Each unit was priced at $0.015, resulting in a total raised capital of $600,000. Every unit includes one common share and one share purchase warrant, allowing the holder to purchase an additional common share for $0.10 within a 24-month period.
The warrants come with an acceleration provision. If the closing price of the corporation’s common shares reaches or exceeds $0.15 for 30 consecutive trading days, the expiration of the warrants will be moved up to 30 calendar days after a press release is issued, notifying warrant holders of this change. This requirement ensures that warrant holders are informed promptly, with notices sent within five business days following the specified trading period.
Nexera intends to allocate the proceeds from this offering primarily to its subsidiary, Production Resources Inc. (PRI), to enhance its oil and gas service operations. The funds will be directed towards a well optimization initiative aimed at reviving approximately thirty inactive wells in the Taylor Ina and Somerset fields. Additionally, PRI plans to invest in new equipment to broaden its cement services division, which will not only support Nexera’s own operations but also open up revenue opportunities by servicing other operators in the region, where demand is notably high.
The company has outlined a specific breakdown of the planned use for the net proceeds: $140,000 for equipment purchases and refurbishment, $280,000 for the well optimization program, and $100,000 allocated for labor costs. Any remaining funds will be used for general working capital. All common shares and warrants issued in this private placement will be subject to a four-month holding period, and the warrants will not be listed on any stock exchange. The completion of this offering is pending final approval from the TSX Venture Exchange.
About Nexera Energy Inc.
Nexera Energy Inc. is an energy firm operating oil production properties in Southwest Texas. The company manages the Lavernia, Wooden Horse, and Stockdale Horizon Projects and wholly owns Production Resources Inc., a company focused on oil in South Texas.
Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or the company’s future performance. While management believes these expectations are reasonable, there is no guarantee they will be met. Actual results may vary significantly from those projected due to various risks and uncertainties. Management is not obligated to update these statements unless required by applicable securities laws. Readers should not place undue reliance on these forward-looking statements.
The TSX Venture Exchange and its Regulation Services Provider do not accept responsibility for the accuracy or adequacy of this release.
