Magnum Energy Announces Private Placement Financing of Up to $1,500,000.30
May 28 2010 - 8:30AM
Marketwired
MAGNUM ENERGY INC. (the "Company") (TSX VENTURE: MEN) is pleased to
announce that it has arranged a non-brokered private placement (the
"Private Placement") of up to 3,333,334 Class A Voting common
shares in the capital of the Company (the "Shares") at a price of
$0.45 per Share, for gross proceeds of up to $1,500,000.30.
The proceeds from the Private Placement will be used for the
purposes of drilling and recompleting wells, possible land
acquisitions and general working capital.
The Company may, in its sole discretion but subject to the
policies of the TSX Venture Exchange, pay a finder's fee to agents
of the Company consisting of (i) a cash fee in an amount of up to
7.0% of the proceeds raised by the agent as part of this offering
of Shares, and (ii) a number of agent's warrants, entitling the
holder thereof to purchase that number of common shares that is
equal to 7.0% of the number of Shares placed through the agent as
part of this offering of Shares, for a period of 12 months from the
date of issuance.
ON BEHALF OF THE COMPANY
Richard Nemeth, President
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Magnum Energy Inc. Richard Nemeth President & CEO
604.669.3155 rnemeth@magnumenergyinc.com
www.magnumenergyinc.com
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