Non-brokered offering slated to fund general working capital purposes
By Devika Patel
Knoxville, Tenn., June 29 – Marsa Energy Inc. said it raised C$1.06 million in the second and final tranche of a C$2.86 million non-brokered private placement of stock. The deal priced for C$2.5 million on May 15 and raised C$1.8 million on June 10.
The company sold 11.42 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. It sold 7,195,000 shares in the initial tranche and 4,225,000 shares in the second tranche.
Director J. Scott Price bought 4 million shares for C$1 million.
Settlement of the second tranche is expected June 29.
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.
|
| Issue: | Common stock
|
| Amount: | C$2,855,000
|
| Shares: | 11.42 million
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Investor: | J. Scott Price (for C$1 million)
|
| Pricing date: | May 15
|
| Settlement date: | June 10 (for C$1,798,750), June 29 (for C$1,056,250)
|
| Stock symbol: | TSX Venture: MEP
|
| Stock price: | C$0.30 at close May 14
|
| Market capitalization: | C$8.17 million
|
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