Magnum Energy Announces Closing of First Tranche of Private Placement
13 July 2010 - 11:30PM
Marketwired
MAGNUM ENERGY INC. (the "Company") (TSX VENTURE: MEN) is pleased to
announce that it has closed the first tranche of its private
placement (the "Private Placement") announced in a news release
dated May 28, 2010 and amended on June 14, 2010. Pursuant to the
Private Placement, the Company issued 1,581,750 Class A Voting
common shares (the "Shares") at a price of $0.40 per Share for
gross proceeds of $632,700.
Finder's fees consisting of 110,723 broker warrants (the "Broker
Warrants") and $44,289 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 first tranche of the
Private Placement are subject to a hold period expiring on October
23, 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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