Magnum Announces Non-Brokered Private Placement
May 28 2014 - 8:30AM
Marketwired
Magnum Announces Non-Brokered Private Placement
CALGARY, ALBERTA--(Marketwired - May 28, 2014) - MAGNUM ENERGY
INC. ("Magnum" or the "Corporation") (TSX-VENTURE:MEN) Magnum
announces that the company has arranged a non-brokered private
placement of up to 10 million units at a purchase price of 5 cents
per unit for aggregate gross proceeds to Magnum of up to
$500,000.
PRIVATE PLACEMENT
Each unit will consist of one common share of Magnum Energy Inc.
and one non-transferable share purchase warrant. Each whole warrant
will entitle the holder to acquire one common share at an exercise
price of 10 cents for a period of 24 months from the closing date
of the private placement. Cash finders' fees may be paid in
connection with the private placement.
All of the securities issued pursuant to the private placement
will be subject to a minimum four-month hold period. The private
placement and payment of any finder's fee are subject to acceptance
by the TSX Venture Exchange.
The net proceeds of the private placement will be used
principally to work over wells in Provost and Sedalia with
production behind pipe. These work-overs are primarily maintenance
work overs addressing mechanical issues that are cyclical in
nature. These work-overs require no permitting and can be completed
within the first two weeks of June.
We seek Safe Harbor.
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.
Magnum Energy Inc.Richard NemethPresident &
CEO604.948.2688rnemeth@magnumenergyinc.comMagnum Energy Inc.Jon
BeyCorporate
Development604-375-4488jbey@magnumenergyinc.comwww.magnumenergyinc.com
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