CW Petroleum (OTCQB: CWPE), which is best known for being a distributor and supplier of biofuels and gasoline, has made some significant announcements in recent times. Potential investors could do well to take a closer look at them.
Back on March 30, 2021, the company announced that its Form 1-A offering statement was declared qualified by the United States Securities and Exchange Commission. It is a major development for CW Petroleum since it clears the hurdle for its Red A+ public offering. The company will now be able to go ahead with its plan to offer as much as $50,000,000 of its common stock to qualified investors at the rate of $0.75 a share.
This is a major development for the company since the proceeds from the offering are going to be used towards further growing the company. It has been indicated that CW Petroleum is going to use the fresh capital for executing the long-term expansion to the company’s sales of a range of products.
The products include Isobutanol-based Reformulated No Ethanol Gasoline, refined products, and biofuels. Lastly, the company is also looking to buy convenience stores in order to have a retail presence when it comes to selling its fuel products.
While the clearing of the hurdle for the capital raise is a significant boost for the company, CW Petroleum had also provided a glimpse into its plan to grow in 2021 in an announcement on March 1. The company enumerated four main measures. One of those is introducing it’s proprietary reformulated ‘no ethanol’ gasoline to the Midwestern United States and also in the North-eastern states.
The other is to expand the refined products trading operations spanning across all refined products pipelines in the United States. Thirdly, CW Petroleum is also going to work towards growing the sales of renewable gasoline, biodiesel, and renewable diesel fuel as part of the “Green Renewable Fuels Program”. Lastly, the company also spoke about its plan to acquire convenience stores in order to expand its retail presence.
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