By Devika Patel
Knoxville, Tenn., Sept. 26 - Mart Resources, Inc. announced it has closed the second tranche of a private placement of shares, raising C$4 million, and that it has increased the total size of the deal to C$42 million from C$32 million.
In the second tranche, Mart Resources sold 10,000,000 common shares at C$0.40 apiece.
As previously reported, the company sold 59,557,375 shares in the first tranche on Sept. 20.
Mart said it now plans to sell up to 105,000,000, up from 80,000,000, common shares total.
All of the shares have a four-month hold period.
Proceeds will be used for drilling and development on Mart's Nigerian oil field properties and for general working capital.
Mart is a Calgary, Alta.-based oil and gas company.
| Issuer: | Mart Resources, Inc.
|
| Issue: | Stock
|
| Amount: | C$42 million (total); C$23,822,950 (first tranche); C$4 million (second tranche)
|
| Shares: | 105,000,000 (total); 59,557,375 (first tranche); 10,000,000 (second tranche)
|
| Price: | C$0.40
|
| Warrants: | No
|
| Pricing date: | Sept. 4
|
| Upsized: | Sept. 26
|
| Settlement date: | Sept. 20 (first tranche); Sept. 26 (second tranche)
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.45 at close Aug. 31
|
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