Petrichor (
TSX:V.PTP,
Stock Forum) management and directors are hot on the Marble Falls shale property, announcing today a deal with BlakEnergy Ltd. to increase their stake from a 50-50 JV to a 66.66% holding in the 11.695 acreage.
As part of the deal, which will see Petrichor spend US $1.387 million over a multi-step process, the full amount will be paid by January 31, 2015. The original purchase of their 50% stake in the Marble Falls property was $4.2m million.
Petrichor will also expand their non-brokered private placement deal from $3 million to $3.6 million. The expanded proceeds from the private placement will be used to acquire more property in, and development of, the Marble Falls project.
The $5.26 million market cap explorer announced the Marble Falls joint venture on October 1, with Stockhouse bullboard posters keen on the area, and that insiders are buying a lot of stock.
“With all the insider buying the stock looks very strong,” posted Iceman28. “Sooner or later we should have an outbreak as things are moving forward. Financing is on the way and soon they can execute their operative plans. Great stock to be in, very little shares outstanding, great management, great location.”
Share in V.PTP were unchanged on the news, trading at $0.33 with 15.9 million shares outstanding.
FULL DISCLOSURE: Petrichor is a Stockhouse Publishing client, but this article is not paid content..