Mart Resources has completed a first closing of its previously announced 80,000,000 share private placement. The first closing consisted of 59,557,375 shares at a price of $0.40 per share for aggregate proceeds of $23,822,950. The common shares are subject to a four-month statutory restriction on trading from the date of issue. Mart expects to complete additional closings of this private placement in the near term.
As previously announced, the proceeds of the private placement will be will be used for ongoing drilling and development operations on Mart's Nigerian oil field properties and for general working capital.