By Devika Patel
Knoxville, Tenn., July 19 - Mart Resources, Inc. announced that it plans a private placement of up to C$33 million.
The company will issue up to 60 million units at C$0.55 apiece.
Each unit consists of one common share and one-half share warrant. Each whole warrant is exercisable for 18 months for C$0.75.
Proceeds will be used for ongoing drilling and development operations on Mart's three Nigerian oil field properties and for general 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$33 million
|
| Units: | 60 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Announcement date: | July 18
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.58 at close July 18
|
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