By Sheri Kasprzak
Atlanta, Dec. 2 - Mart Resources Inc. said Thursday it has increased the size of its previously announced C$6.3 million private placement to C$7.875 million.
The company will now issue 17.5 million shares at C$0.45 each.
Mart announced Oct. 21 that it planned to raise C$6.3 million through the sale of 14 million shares at the same price.
Mart, based in Calgary, Alta., is an oil, gas and power company with projects based mainly in Africa. The proceeds from its private placement will be used to contract a service rig for testing and for activities in the company's Nigerian oil and gas fields.
| Issuer: | Mart Resources Inc.
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| Issue: | Stock
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| Amount: | C$7.875 million
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| Shares: | 17.5 million
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| Price: | C$0.45
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| Warrants: | No
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| Announcement date: | Oct. 21
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| Amended: | Dec. 2
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| Stock price: | C$0.49 at close Oct. 21
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| Stock price: | C$0.49 at close Dec. 2
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