Magnum Energy Announces Closing of Second Tranche and Closing of Private Placement
July 29 2010 - 8:30AM
Marketwired
MAGNUM ENERGY INC. (the "Company") (TSX VENTURE: MEN) is pleased to
announce that it has closed the second and final tranche of its
private placement (the "Private Placement") as announced in a news
release dated May 28, 2010 and amended on June 14, 2010. Pursuant
to the second tranche of the Private Placement, the Company has
issued 750,500 Class A Voting common shares (the "Shares") at a
price of $0.40 per Share for gross proceeds of $300,200.
Finder's fees consisting of 6,860 broker warrants (the "Broker
Warrants") and $17,514 in cash were paid in accordance with the
policies of the TSX Venture Exchange. Each Broker Warrant will
entitle the holder to purchase one Share of the Company for a
period of twelve months from the date of issuance at a price of
$0.40 per Share.
All securities issued pursuant to the second tranche of the
Private Placement are subject to a hold period expiring on or
around November 29, 2010.
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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