Agent Noble must raise at least $20 million through offering
By Devika Patel
Knoxville, Tenn., May 2 - Manas Petroleum Corp. priced a public sale of between $20 million and $30 million of its units, according to a prospectus supplement filed Monday with the Securities and Exchange Commission. Noble International Investment, Inc., the agent, is conducting the offering on a "reasonable commercial efforts all or nothing" basis until $20 million is raised and on a "reasonable commercial efforts" basis after that until $30 million is raised.
The company will sell between 40 million and 60 million units of one common share and one warrant at $0.50 apiece, with each warrant exercisable at $0.70 for three years. The strike price reflects a 59.09% premium to the April 29 closing share price of $0.44.
Of the proceeds, 20% will be used for seismic activities, 45% for drilling, 2% for geological and geophysical work, 7% for production sharing contract costs and 27% for working capital.
If the company does not raise at least $20 million by May 10, the proceeds will be returned to participating investors and the sale canceled.
Manas is a Baar, Switzerland-based oil exploration and development company.
| Issuer: | Manas Petroleum Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $20 million (minimum), $30 million (maximum)
|
| Shares: | 40 million (minimum), 60 million (maximum)
|
| Price: | $0.50
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
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| Warrant strike price: | $0.70
|
| Agent: | Raymond James Ltd.
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| Pricing date: | May 2
|
| Settlement date: | May 10
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| Stock symbol: | OTCBB: MNAP
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| Stock price: | $0.44 at close May 2
|
| Market capitalization: | $55.4 million
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