Nexera Energy Increases Private Placement Offering to $775,000

Nexera Energy Inc. has announced an increase in its previously stated non-brokered private placement offering. The new target aims to raise up to $775,000, issuing up to 31,000,000 common shares. Each unit priced at $0.025 consists of one common share and a share purchase warrant. Each warrant allows the holder to buy an additional common share at $0.10 within 24 months.

The warrants are subject to an acceleration clause. If Nexera's common shares trade at or above $0.15 for 30 consecutive days, the warrant's expiration date will be advanced, requiring the company to issue a press release and notify warrant holders within five business days.

The raised funds will support Production Resources Inc., Nexera's subsidiary, in expanding its oil and gas services. PRI will use the funds to acquire and refurbish equipment, field testing, permitting, and labor costs for a new cement services branch. This will enable PRI to handle well plugging and abandonment internally, reducing costs, and generating additional revenue by offering these services to other operators in the South Texas region.

The offering is set to close by August 16, 2024, pending TSX Venture Exchange final approval. All issued units will be subject to a four-month hold period, and the warrants will not be listed on any stock exchange.