CGrowth Capital, Inc. (OTC Pink: CGRA) is engaged within the acquisition, exploration and development of land assets rich with commodities, such as gold, silver, oil, gas, and more. Shares of the commodities company are surging 55% through early trading on Wednesday, November 3, 2021. Over the past thirty days, CGrowth Capital has seen average daily volume of 2.19 million shares. However, volume of 31.63 million shares or dollar volume of $578,829, has already exchanged hands through early trading on Wednesday.
Shares of CGrowth Capital are gaining after the company announced it has entered into a letter of intent to acquire a Bahamian petroleum project from WBS Organization, a multinational business services organization. The acquisition would contain the rights, title and interest to the 8,000-acre property, which is secured by long-term leases. Management believes the project is a major opportunity for the company, as recent explorations have been completed on the property, but no advanced studies have taken place recently.
Under the initial terms of the letter of intent, CGrowth Capital will pay $15 million for the Bahamian project using the company’s Series A Preferred Stock. Prior to the closing of the transaction, CGrowth Capital says they will look to file a Tier 1 Reg A offering to raise up to $20 million.
The Reg A proceeds will be utilized to conduct 3D seismic research on the project zone in order to determine oil availability, project reserves, drilling locations, infrastructure, and more. Management says the Form 1-A for the Reg A is begin prepared to file within the next 45 days.
A 2018 advanced study on the project zine showed to have similar characteristics and features as the Venezuela Orinoco Oil Belt. Furthermore, a USGS 2012 assessment of the Bahamian zone estimated total undiscovered resources at around 1,600 million barrels of oil, 126 million barrels of natural gas liquids, and 2,000 BCFG.
“It is time to pound our stake in the ground!” stated Bill Wright, CEO of CGrowth Capital, Inc. “Countless weeks of wading through opportunities has culminated in an extremely unique opportunity with nearly unlimited potential for us. The creativity of both CGrowth and the WBS Organization has not only opened up a win for this Project, but looking forward, we have an endless number of business opportunities that we can look to in the future. We feel blessed to be in the right place at the right time in history – especially as oil prices look to only move up from here!”
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