Published on 9/20/2007 in the Prospect News PIPE Daily.
New Issue: Mart Resources takes in C$23.82 million in first tranche of stock
By Devika Patel
Knoxville, Tenn., Sept. 20 - Mart Resources, Inc. announced it has closed the first tranche of a C$32 million private placement of shares, raising C$23,822,950.
Mart Resources sold 59,557,375 common shares at C$0.40 apiece. As previously reported, the company plans to sell up to 80,000,000 common shares.
The shares have a four-month hold period.
Proceeds will be used for drilling and development on Mart's Nigerian oilfield properties and for general working capital.
Mart is a Calgary, Alta.-based oil and gas company.
Issuer: | Mart Resources, Inc.
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Issue: | Stock
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Amount: | C$32 million (total); C$23,822,950 (first tranche)
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Shares: | 80,000,000 (total); 59,557,375 (first tranche)
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Price: | C$0.40
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Warrants: | No
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Pricing date: | Sept. 4
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Settlement date: | Sept. 20 (first tranche)
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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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