Non-brokered financing offers shares at C$0.20 apiece to fund drilling
By Devika Patel
Knoxville, Tenn., Nov. 18 - Magnum Energy Inc. said it plans a C$1 million non-brokered private placement of stock.
The company will sell 5 million flow-through class A voting common shares at C$0.20 each. The price per share is a 4.76% discount to the Nov. 17 closing share price of C$0.21.
Settlement is expected Dec. 16.
Proceeds will be used for the drilling and completion of a horizontal Viking Oil well and up to three recompletions in the Provost Viking Oil property.
Based in Vancouver, B.C., Magnum Energy is a junior oil and gas exploration company operating in the Western Canadian Sedimentary Basin.
Issuer: | Magnum Energy Inc.
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Issue: | Flow-through class A voting common shares
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Amount: | C$1 million
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Shares: | 5 million
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Price: | C$0.20
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Nov. 18
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Settlement date: | Dec. 16
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Stock symbol: | TSX Venture: MEN
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Stock price: | C$0.21 at close Nov. 17
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Market capitalization: | C$9.86 million
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