By Sheri Kasprzak
New York, Dec. 12 - Magnus Energy Inc. said it plans to raise C$2.22 million in a non-brokered private placement.
The offering includes up to 1.2 million class A flow-through shares at C$1.85 each.
Proceeds will be used for drilling programs on its Paradise Valley, North Esther, Tableland and Antler properties.
Based in Calgary, Alta., Magnus is an oil and natural gas exploration company.
| Issuer: | Magnus Energy Inc.
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| Issue: | Class A flow-through shares
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| Amount: | C$2.22 million (maximum)
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| Shares: | 1.2 million (maximum)
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| Price: | C$1.85
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| Warrants: | No
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| Placement agent: | Non-brokered
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| Pricing date: | Dec. 12
|
| Stock price: | C$1.50 at close Dec. 12
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