By Laura Lutz
Des Moines, Aug. 22 - Magnus Energy Inc. amended its previously announced private placement, downsizing the deal to C$6 million.
The company now plans to sell 60 million class A shares at C$0.10 each.
Proceeds will be used for a farm-in agreement on the Beaver River properties of a subsidiary of Questerre Energy Corp.
The placement will satisfy a financing requirement for the planned merger of Magnus and Questerre.
When the deal was first announced on July 19, it was expected to include up to 115 million subscription receipts at C$0.10 each. Each subscription receipt was exchangeable for one class A share upon evidence of a work program that qualified for Canadian Exploration Expenses.
Magnus is an oil and natural gas exploration company based in Calgary, Alta.
| Issuer: | Magnus Energy Inc.
|
| Issue: | Class A shares
|
| Amount: | C$6 million
|
| Shares: | 60 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Pricing date: | July 19
|
| Amended: | Aug. 22
|
| Stock symbol: | TSX Venture: MEI.A
|
| Stock price: | C$0.08 at close July 19
|
| Stock price: | C$0.065 at close Aug. 21
|
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