By Devika Patel
Knoxville, Tenn., Oct. 10 - Mart Resources, Inc. announced it has closed the third tranche of a private placement of shares, raising C$4,177,050. The C$42 million deal originally priced at C$32 million on Sept. 4.
In the third tranche, Mart Resources sold 10,442,625 common shares at C$0.40 apiece.
As previously reported, the company sold 59,557,375 shares in the first tranche on Sept. 20 and 10,000,000 shares in the second tranche on Sept. 26.
Mart now has issued 80,000,000 shares in this deal, raising C$32 million. It said it plans to sell up to 105,000,000 common shares total and expects to complete additional closings soon.
Mart has paid Mirabaud Securities Ltd. a commission of C$1.6 million and has also given Mirabaud agent's warrants exercisable for 4,000,000 shares at C$0.40 apiece for two years
All of the shares have a four-month hold period.
Proceeds will be used for drilling and development on Mart's Nigerian oil field properties and for general working capital.
Mart is a Calgary, Alta.-based oil and gas company.
| Issuer: | Mart Resources, Inc.
|
| Issue: | Stock
|
| Amount: | C$42 million
|
| Shares: | 105,000,000
|
| Price: | C$0.40
|
| Warrants: | No
|
| Fees: | C$1.6 million; agent's warrants for 4,000,000 shares
|
| Agent: | Mirabaud Securities Ltd.
|
| Pricing date: | Sept. 4
|
| Upsized: | Sept. 26
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.45 at close Aug. 31
|
|
|
| First tranche
|
| Amount: | C$23,822,950
|
| Shares: | 59,557,375
|
| Settlement date: | Sept. 20
|
|
|
| Second tranche
|
| Amount: | C$4 million
|
| Shares: | 10,000,000
|
| Settlement date: | Sept. 26
|
|
|
| Third tranche
|
| Amount: | C$4,177,050
|
| Shares: | 10,442,625
|
| Settlement date: | Oct. 10
|
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