By Devika Patel
Knoxville, Tenn., May 15 - MegaWest Energy Corp. said it plans a $16.05 million private placement of stock.
The company will sell 26.75 million common shares.
Proceeds will be used for the doubling of the drilled acreage at the Missouri Marmaton River project, the construction of a second production facility in Missouri and the first production facility in Kentucky.
MegaWest, based in Calgary, Alta., is an energy company.
| Issuer: | MegaWest Energy Corp.
|
| Issue: | Common stock
|
| Amount: | $16.05 million
|
| Shares: | 26.75 million
|
| Warrants: | No
|
| Pricing date: | May 15
|
| Stock symbol: | OTCBB: MGWSF
|
| Stock price: | $0.57 at close May 14
|
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