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.