Mart Closes Common Share Private Placement

Mart Resources, Inc. has completed a second closing of 2,998,333 units of its previously announced private placement for aggregate proceeds of $1,799,000.

Each unit consists of one common share and one-half common share purchase warrant exercisable at $0.75 per share expiring February 22, 2008. The common shares, warrants and any warrant shares issued upon the exercise of the warrants are subject to a statutory restriction on trading until June 24, 2007. As a result of all closings of this private placement, Mart has issued an aggregate of 13,333,333 common shares and 6,666,667 purchase warrants for aggregate gross proceeds of $8.0 million.

As previously announced, the proceeds of the private placement will be used for ongoing drilling and development operations on Mart's Nigerian oil field properties and for general working capital.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Accountant - Intercompany
Expertise: Accounting
Location: Alpharetta, GA
Cost Accountant
Expertise: Accounting
Location: Ville Platte, LA
Margin Optimization Analyst
Expertise: Accounting|IT - SAP / ERP|Refinery Specialist
Location: Dallas, TX
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours