By Laura Lutz
Des Moines, Sept. 26 - Magnus Energy Inc. entered into an agreement for a private placement of stock for C$5,005,900.
The company will sell 1.74 million class A shares for C$1.15 each and 1.99 million class A flow-through shares for C$1.51 each.
The shares will be issued through a syndicated of underwriters led by Dundee Securities Corp.
The underwriters have a greenshoe for up 870,000 of the non flow-through shares and up to 660,000 of the flow-through shares. If the option were fully exercised, the total proceeds would be C$7,003,000.
Proceeds will be used for expansion and development of the company's core properties.
Calgary, Alta.-based Magnus is an oil and gas company focused on properties in Western Canada.
| Issuer: | Magnus Energy Inc.
|
| Issue: | Class A shares and class A flow-through shares
|
| Amount: | C$5,005,900
|
| Underwriter: | Dundee Securities Corp.
|
| Pricing date: | Sept. 26
|
| Stock symbol: | TSX Venture: MEI.A
|
| Stock price: | C$1.25 at close on Sept. 25
|
|
|
| Non flow-through shares
|
| Shares: | 1.74 million
|
| Price: | C$1.15
|
| Greenshoe: | For 870,000 shares
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Shares: | 1.99 million
|
| Price: | C$1.51
|
| Greenshoe: | For 660,000 shares
|
| Warrants: | No
|
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