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Tampa Bay-Lakeland
Business Observer Friday, Feb. 11, 2011 10 years ago

Proper Power might raise $10M

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Two financiers have approached Proper about investing in oil production.

TAMPA — Proper Power & Energy Inc. (symbol: PPWE) could soon raise $10 million in outside funding to help develop its oil and gas exploration efforts throughout the U.S.

The opportunity is partly the result of the continually uncertain business climate in the Middle East. In response to recent events, two independent financing groups have approached the Tampa firm about investing in oil and gas production.

Proper Power responded by issuing a private placement memorandum seeking a $10 million investment to each of the interested companies. A representative with the company declined to disclose further details when asked about the type of sale that Proper might pursue.

Andrew Kacic, president at Proper Power, said his company expects to hear back from both potential investors before the end of the month.

Proper Power & Energy Inc. is currently running oil and gas exploration operations in Kentucky and Utah. Its headquarters are located on South Dale Mabry.

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