By Devika Patel
Knoxville, Tenn., Sept. 4 - Mart Resources, Inc. announced the terms of a C$32 million private placement of shares. These terms supersede the terms of a proposed C$33 million placement of units announced on July 18.
The company plans to sell up to 80,000,000 common shares at C$0.40 apiece.
Proceeds will be used for drilling and development operations on Mart's Nigerian oil field properties and for general working capital.
Under the earlier proposed placement, the company had planned to issue up to 60,000,000 units of one common share and one half-share warrant at C$0.55 each.
Mart is a Calgary, Alta.-based oil and gas company.
| Issuer: | Mart Resources, Inc.
|
| Issue: | Stock
|
| Amount: | C$32 million
|
| Shares: | 80,000,000
|
| Price: | C$0.40
|
| Warrants: | No
|
| Pricing date: | Sept. 4
|
| Stock symbol: | TSX Venture: MMT
|
| Stock price: | C$0.45 at close Aug. 31
|
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