Fortune Petroleum Plans to Swap Shares for Assets
Fortune Petroleum Corp., an Agoura Hills-based oil and gas company, plans to exchange 500,000 new common shares for the assets of Western Energy Resources, based in Laguna Niguel, in a deal valued at about $425,000.
In a filing with the U.S. Securities and Exchange Commission, Fortune also said that it plans to raise $3 million from an offering of an additional 825,000 common share units, and that it will use the money for working capital, acquisitions and to lower its debt.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
