Magnum Announces Provost Disposition Will Not Proceed
23 April 2014 - 10:30PM
Marketwired
Magnum Announces Provost Disposition Will Not Proceed
CALGARY, ALBERTA--(Marketwired - Apr 23, 2014) - MAGNUM ENERGY
INC. ("Magnum" or the "Corporation") (TSX-VENTURE:MEN) Magnum
announces that closing of the previously announced transaction with
Artisan Energy Corporation ("Artisan") to sell Magnum's 50% working
interest in the Provost area of Alberta (the "Provost Asset") for
consideration of $5.6 million will not proceed. Despite Magnum
granting numerous extensions to the Closing Date, Artisan was
unable to secure the financing necessary to close the
transaction.
As per the terms of the Purchase and Sale Agreement between the
respective companies, Artisan remains solely responsible for the
November 30, 2013 interest payment to Magnum's debenture
holders.
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.comwww.magnumenergyinc.com
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