By Sheri Kasprzak
New York, Feb. 23 - Mart Resources, Inc. wrapped the final tranche of its previously announced C$8 million private placement for C$1.799 million.
In the most recent tranche, the company sold 2,998,333 units at C$0.60 each.
The units include one share and one half-share warrant with each whole warrant exercisable at C$0.75 through Feb. 22, 2008.
On Jan. 18, the company sold 10.335 million units under the same terms for proceeds of C$6.201 million.
The deal priced Dec. 29.
Proceeds will be used for drilling and development on the company's Nigerian oil field properties and for working capital.
Mart is a Calgary, Alta.-based oil and gas company.
| Issuer: | Mart Resources, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.799 million
|
| Units: | 2,998,333
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Feb. 22, 2008
|
| Warrant strike price: | C$0.75
|
| Pricing date: | Dec. 29
|
| Settlement date: | Feb. 23
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.64 at close Dec. 28
|
| Stock price: | C$0.70 at close Feb. 23
|
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