Magnum Closes Private Placement, Proceeds Go to 2008 Drilling Programs
Magnum Energy Inc. has closed the flow-through private placement announced December 12, 2007. An aggregate of 367,500 units at a price of $0.50 per unit for total gross proceeds of $183,750.00 were issued.
Each unit consists of one flow-through common share in the capital of the Company and one non-transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share on or before December 31, 2008 at a purchase price of $0.75 per share.
The Company did not use an exclusive agent in connection with this financing. A finder's fee, payable in cash, of $13,100.00, equal to 8% of the gross proceeds of the units sold by it, was paid to Wolverton Securities Inc.
All securities issued pursuant to the private placement are subject to a hold period until May 1, 2008.
The Company will be using the proceeds of this private placement to develop its 2008 drilling program in the Company's properties.
- Magnum Energy Wraps Up Third HZ Provost Well (Jan 17)
- Magnam Amends JV Agreement with Nextraction Energy (Oct 31)
- Magnum Successfully Drills 1st Well at Provost Viking Oil Proj. (Oct 12)