Whitebark Energy Limited (ASX:WBE – Get Rating) insider Matthew White bought 16,500,000 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was bought at an average price of A$0.00 ($0.00) per share, with a total value of A$33,000.00 ($22,916.67). Matthew White also recently made the following trade(s): On Thursday, March […]
Whitebark Energy Ltd (ASX:WBE) continues to take steps aimed at retaining the Wizard Lake Oil & Gas Project in Alberta, Canada, as it maintains encouraging production rates.
Earlier in the year, the company’s 100%-owned Canadian subsidiary, Salt Bush Energy Ltd (SBE), filed a Notice of Intention to Make a Proposal pursuant to Subsection 50.4(1) of the Canadian Bankruptcy and Insolvency Act.
Whitebark intends to retain the Wizard Lake asset and, via its subsidiary Ironbark Energy (IBE), has bid C$2 million comprised of C$336,000 in cash and C$1,664,000 in forfeit of an existing loan made by Whitebark to SBE.
The process was initially open for a period until March 31, 2021, and was extended by a further 45 days to May 13, 2021, with no competing bids for the assets received during this time.