Delay in Rhino Financing-Discussions ContinueThe MD&A and Financials for June 30th are now on Sedar.
In spite of higher oil prices and strong results, securing investment capital continues to be a challenge. Investors continue to be wary with the on-going war in the Ukraine, the continuing impact of COVID, recent interest rate hikes and fears of a recession causing continued uncertainty. PetroFrontier’s efforts to secure capital investment to advance development of its interests at Cold Lake and Wabasca have been impacted by that uncertainty. In this regard, as previously announced, the deal with Rhino Energy Pty Ltd. has been delayed, as discussions continue to extend the deadline for closing the initial tranche under the funding arrangement with Rhino announced March 8, 2022.
GLTA