Sheri Kasprzak
New York, Sept. 22 - Mart Resources, Inc. said it has arranged a private placement for $29,052,000.
The company plans to sell up to 40 million shares at $0.7263 each.
The proceeds will be used for contracting oil rights and equipment for drilling and completing activities on the company's Nigerian oil and gas fields. The company also plans to acquire seismic data for the fields, design and construct production facilities and negotiate the acquisition of oil and gas concessions in the Democratic Republic of Congo with the proceeds. The rest will be used for working capital.
Based in Calgary, Alta., Mart is an oil and natural gas exploration company.
| Issuer: | Mart Resources, Inc.
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| Issue: | Stock
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| Amount: | $29,052,000 (maximum)
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| Shares: | 40 million (maximum)
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| Price: | $0.7263
|
| Warrants: | No
|
| Pricing date: | Sept. 22
|
| Stock price: | $0.775 at close Sept. 22
|
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