Mart Resources to Conduct Private Placement
Mart Resources, subject to receipt of regulatory approval, will be conducting a private placement of up to 60,000,000 units for aggregate gross proceeds before expenses of up to $33,000,000 CDN. Each unit will have a subscription price equivalent to $0.55 CDN, and each unit shall consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant shall entitle the holder to purchase one additional common share at a price equivalent to $0.75, exercisable for 18 months from the date of the closing of the private placement.
The proceeds of the private placement will be used for ongoing drilling and development operations on Mart's three Nigerian oil field properties and for general working capital.
Mart Resources Inc. is an independent oil & gas company focused on bringing African oil fields into production that are proven but have not yet been developed.