By Sheri Kasprzak
New York, May 4 - Madalena Ventures Inc. has negotiated a C$1 million private placement.
The non-brokered offering includes up to 1 million units of one share and one half-share warrant.
The whole warrants are exercisable at C$1.25 each for one year.
Proceeds will be used for exploration on the company's oil and natural gas properties as well as for working capital.
Madalena is a Vancouver, B.C., oil and gas exploration company.
| Issuer: | Madalena Ventures Inc.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 1 million
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| Price: | C$1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.25
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| Placement agent: | Non-brokered
|
| Pricing date: | May 4
|
| Stock symbol: | CNQ: MAVI
|
| Stock price: | C$1.19 at close May 3
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