By Devika Patel
Knoxville, Tenn., Oct. 18 - Mart Resources, Inc. announced it has closed the fourth and final tranche of a private placement of shares, raising C$10 million. The C$42 million deal originally priced at C$32 million on Sept. 4.
In the fourth tranche, Mart sold 25,000,000 common shares at C$0.40 apiece. In total, the company sold 105,000,000 shares at that price.
As previously reported, the company sold 59,557,375 shares in the first tranche on Sept. 20, 10,000,000 shares in the second tranche on Sept. 26 and 10,442,625 shares in the third tranche on Oct. 10.
Research Capital Corp. was the agent for the C$10 million tranche. Research received, in addition to its commission, agent's warrants to purchase 1,250,000 shares at $0.40 per share for two years.
Mart now has 297,191,949 common shares outstanding.
All of the shares have a four-month hold period.
Proceeds will be used for drilling and development operations on Mart's Nigerian oil field properties and for general working capital.
Mart is a Calgary, Alta.-based oil and gas exploration and development company with oil field development partnerships and projects in Nigeria.
Issuer: | Mart Resources, Inc.
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Issue: | Stock
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Total amount: | C$42 million
|
Total shares: | 105,000,000
|
Price: | C$0.40
|
Warrants: | No
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Pricing date: | Sept. 4
|
Upsized: | Sept. 26
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Stock symbol: | TSX Venture: MMT
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Stock price: | C$0.45 at close Aug. 31
|
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First tranche
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Amount: | C$23,822,950
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Shares: | 59,557,375
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Settlement date: | Sept. 20
|
|
Second tranche
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Amount: | C$4 million
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Shares: | 10,000,000
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Settlement date: | Sept. 26
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Third tranche
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Amount: | C$4,177,050
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Shares: | 10,442,625
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Settlement date: | Oct. 10
|
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Fourth tranche
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Amount: | C$10 million
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Shares: | 25,000,000
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Fees: | Warrants to purchase 1,250,000 shares
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Settlement date: | Oct. 18
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