Independence Energy Corp. (OTC: IDNG), an oil and gas exploration and development company, recently, announced the approval of a five-for-one forward split of its common shares. The forward split will be in the form of a stock dividend.
Under the split, IDNG shareholders will receive 4 additional common shares for every one share of IDNG common stock they hold.
Gregory C. Rotelli, President and CEO of Independence Energy, said that IDNG is very pleased to propose the forward stock split, because the company believes it can have a positive impact on the relative liquidity of its shares.
IDNG also announced recently that it will access an initial portion of its $1 million Drawdown Financing facility. The company has executed documents to facilitate a $200,000 drawdown against the $1 million balance.
IDNG plans to use the proceeds from the drawdown for new project acquisition, exploration and development, general working capital, and for other such purposes.
Independence Energy shares are gaining in trading today. At last check, the stock was trading 1.64% higher at $3.72 on volume of 331,321. The stock is up more than 11% in the last three trading sessions.
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