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Share Name | Share Symbol | Market | Type |
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TSXV:MEN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Magnum Energy Inc. ("Magnum" or the "Company") (TSX VENTURE:MEN) is pleased to announce an initial closing pursuant to its previously announced public offering (the "Offering") by short form prospectus dated June 4, 2012 (the "Prospectus") and has issued $775,000 11% subordinated convertible secured debentures at a price of $1,000 per debenture and $300,000 or 3,750,000 Common Shares at $0.08 per Common Share for aggregate proceeds of $1,075,000 on June 19, 2012 lead by Macquarie Private Wealth Inc. In addition, broker warrants were issued entitling the holder to acquire up to 891,667 Common Shares at a purchase price of $0.15 for a period of 12 months from the date of issuance. It is anticipated that one of more subsequent closings may occur on or before September 3, 2012. For additional information please refer to the Prospectus available on www.sedar.com. Further to its press release dated May 25, 2012, Magnum has completed a private placement with an additional 125,000 Common Shares issued at a price of $0.08 per share and 100,000 flow through common shares ("Flow Through Shares") issued at a price of $0.10 per Flow Through Share for proceeds of $20,000 resulting in total gross proceeds raised under the private placement of $381,000. The Common Shares and Flow Through Shares issued under the private placement are subject to a four month hold period. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. About Magnum Energy Inc.: Magnum is a Canadian oil and natural gas exploration, development and production company with operations based in the Province of Alberta, and an administrative office in Vancouver, British Columbia. The Company's mandate is to acquire and develop significant working interests in a variety of oil and natural gas prospects. The Company's public filings may be found at www.sedar.com. To find out more about Magnum visit our website at www.magnumenergy.com. Forward looking statements: The information and statements in this news release contain certain forward-looking information relating to subsequent closings under the Prospectus. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include market acceptance of the terms of the Offering. The outcome and timing of subsequent closings under the Offering could differ materially from those expressed in, or implied by, such forward looking information, and accordingly, no assurances can be given that any subsequent closings or events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits the Corporation will derive from them. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forwardlooking information.
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