By Laura Lutz
Des Moines, Dec. 29 - Mart Resources, Inc. arranged a private placement of units for up to C$8 million.
The company sold up to 13,333,333 units of one share and one half-share warrant at C$0.60 per unit. Each whole warrant will be exercisable at C$0.75 for one year.
Proceeds will be used for drilling and development on the company's Nigerian oil field properties and for working capital.
Mart is a Calgary, Alta.-based oil and gas company.
| Issuer: | Mart Resources, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$8 million
|
| Units: | 13,333,333
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Pricing date: | Dec. 29
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.64 at close Dec. 28
|
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