It was a tough day in the markets on Tuesday for investors in PetroSun Inc (OTCMKTS:PSUD) as the company’s shares suffered a selloff and went down by as much as 9% as a consequence.
Market Action
On Tuesday, PSUD stock decreased 9.52% to $0.0480 with 56.07K shares, compared to its average volume 69.15K shares. The stock moved within a range of $0.0475 – 0.0520 after opening trade at $0.0520.
PetroSun Announces Sales of Common Shares
The company is well-known for having considerable interests in oil, helium and natural gas leases spanning across 300,000 acres in the Four Corners area and Holbrooke Basin. The company came into focus yesterday after it announced that it had successfully completed the sale of as many as 67.2 million shares of its common stock. The shares had been picked up by accredited investors and that was in line with the Rule 506 of Regulation D.
The funds raised from the offering would be used by PetroSun for financing its drilling activities at its Helium Well located at Manuel Seep in addition to some of its fresh strategic programs related to helium development and exploration.
Some of the funds are also going to be used for administrative and general expenses as well as for taking care of the expenses and fees related to this offering. The company sold the newly issued shares for the price of $0.01 each. It was noted that the offering also expanded its investor base.
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