By Sheri Kasprzak
New York, Feb. 8 - Magnus Energy Inc. said it aims to raise C$10,000,101 in a private placement offered through a syndicate of underwriters led by Dundee Securities Corp.
The offering includes 2,222,300 class A shares at C$1.35 each and 3,954,800 class A flow-through shares at C$1.77 each.
The syndicate has an over-allotment option for up to 740,800 additional class A shares.
Proceeds will be used for development of the company's properties.
The deal is expected to close Feb. 28.
Calgary, Alta.-based Magnus is an oil and natural gas exploration company.
Issuer: | Magnus Energy Inc.
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Issue: | Class A flow-through and non flow-through shares
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Amount: | C$10,000,101
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Underwriters: | Dundee Securities Corp. (lead)
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Pricing date: | Feb. 8
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Settlement date: | Feb. 28
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Stock symbol: | TSX Venture: MEI
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Stock price: | C$1.45 at close Feb. 7
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Non flow-through shares
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Shares: | 2,222,300
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Greenshoe: | For 740,800 shares
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Price: | C$1.35
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Warrants: | No
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Flow-through shares
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Shares: | 3,954,800
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Price: | C$1.77
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Warrants: | No
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