Mart Resources has completed a third private placement closing of 10,442,625 common shares for aggregate gross proceeds before commissions and issuance costs of $4,177,050. Mart has now issued an aggregate of 80,000,000 shares to US and offshore subscribers at a price of $0.40 per share pursuant to three private placement closings, for aggregate gross proceeds before commissions and costs of $32,000,000. The common shares issued pursuant to the third closing are subject to a four month statutory restriction on trading from the date of issue. Pursuant to the terms of a Placing Agreement between Mart and Mirabaud Securities Ltd. of London, England, Mart has paid an aggregate commission of $1,600,000 to Mirabaud and has issued Mirabaud agent's warrants to purchase 4,000,000 shares at $0.40 per share for a term of two years in respect of all closings of the private placement completed to date. Following the most recent private placement closing, Mart has an aggregate of 272,191,949 common shares issued and outstanding.
Mart has recently announced an increase in the maximum size of the private placement to 105,000,000 shares and expects to complete additional closings of this private placement to Canadian and US subscribers in the near term. 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.