Non-brokered offering slated to fund general working capital purposes
By Devika Patel
Knoxville, Tenn., May 15 – Marsa Energy Inc. said plans a C$2.5 million non-brokered private placement of stock.
The company will sell 10 million common shares at C$0.25 apiece. The price per share represents a 16.67% discount to C$0.30, the May 14 closing share price.
Settlement is expected May 22.
Proceeds will be used to advance exploration license conversion into production leases in Turkey and for general working capital purposes.
The energy company is based in Calgary, Alta.
| Issuer: | Marsa Energy Inc.
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| Issue: | Common stock
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| Amount: | C$2.5 million
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| Shares: | 10 million
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| Price: | C$0.25
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | May 15
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| Settlement date: | May 22
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| Stock symbol: | TSX Venture: MEP
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| Stock price: | C$0.30 at close May 14
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| Market capitalization: | C$9.41 million
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