Non-brokered financing offers shares at C$0.20 apiece to fund drilling
By Devika Patel
Knoxville, Tenn., Nov. 18 - Magnum Energy Inc. said it plans a C$1 million non-brokered private placement of stock.
The company will sell 5 million flow-through class A voting common shares at C$0.20 each. The price per share is a 4.76% discount to the Nov. 17 closing share price of C$0.21.
Settlement is expected Dec. 16.
Proceeds will be used for the drilling and completion of a horizontal Viking Oil well and up to three recompletions in the Provost Viking Oil property.
Based in Vancouver, B.C., Magnum Energy is a junior oil and gas exploration company operating in the Western Canadian Sedimentary Basin.
| Issuer: | Magnum Energy Inc.
|
| Issue: | Flow-through class A voting common shares
|
| Amount: | C$1 million
|
| Shares: | 5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 16
|
| Stock symbol: | TSX Venture: MEN
|
| Stock price: | C$0.21 at close Nov. 17
|
| Market capitalization: | C$9.86 million
|
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