EnerMad has now closed a further private funding with a raise of CAD $3.61 Million from a group which includes management, institutions and private investors. A total 4,916,731 Common Shares were sold in the non-brokered private placement at a price of $0.75 per Common Share, for gross proceeds of $3,617,950. The funding was closed in three tranches dated January 31, 2008, March 25, 2008, and March 31, 2008, respectively.
An aggregate of $7,484,278 has now been raised by the Company to date. A total of 18,519,916 Shares of EnerMad are now issued and outstanding, of which PAN AFRICAN MINING CORP. owns 9.7%.
Proceeds of the present private placement will be utilized to cover the Company's 2008 exploration budget, as well as for operating expenses and working capital. The Company is presently engaged in acquisition and reprocessing of substantial additional seismic and geologic date with a view toward prioritizing drill targets.
The Company contemplates proceeding with an initial public offering as soon as practicable after compilation of all required data and prioritization of drill targets.
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