By Sheri Kasprzak
New York, April 20 - Mart Resources, Inc. said it intends to raise up to C$29 million in a private placement.
The offering includes up to 29 million shares.
The proceeds will be used to buy a majority share in two drilling rigs. The remainder of the proceeds will be used for drilling on the Nigerian oil and gas fields, as well as for working capital.
Calgary, Alta.-based Mart is an oil and natural gas exploration company with projects in Africa.
| Issuer: | Mart Resources, Inc.
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| Issue: | Stock
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| Amount: | C$29 million (maximum)
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| Shares: | 29 million (maximum)
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| Price: | C$1.00
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| Warrants: | No
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| Pricing date: | April 20
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| Stock symbol: | TSX Venture: MMT
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| Stock price: | C$0.95 at close April 20
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