Magnum Energy Inc. Does Not Proceed With Non-Flow-Through Financing and Amends Flow-Through Financing
December 08 2010 - 3:30PM
Marketwired
Magnum Energy Inc. (the "Company" or "Magnum") (TSX VENTURE: MEN)
announces that the Board of Directors has determined it is not in
the best interests of the Company and its shareholders to proceed
with the non-flow-through private placement announced on November
15, 2010.
The Company is, however, proceeding with the flow-through
offering of $1,000,000 as also announced on November 15, 2010, but
it has been amended to 3,448,276 common shares at a price of $0.29
per share.
The proceeds of the flow-through offering will be used for
drilling and completions at the Company's Sedalia property.
The Company may pay a finders fee in connection with this
offering as set out in the November 15, 2010 release.
This private placement is subject to TSX Venture Exchange
acceptance for filing.
About Magnum Energy Inc.
Magnum is a junior oil and gas producer with operations located
in the Western Canadian Sedimentary Basin. The Company produces
from operations in Alberta, and maintains 100% ownership of the
Sedalia gas facility in East-Central Alberta.
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 and CEO
604 669 3155 rnemeth@magnumenergyinc.com www.magnumenergyinc.com
Boardmarker Group Dean Stuart 403 517 2270 dean@boardmarker.net
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