Magnum Energy Inc. Announces Closing of First Tranche of Private Placement
December 16 2009 - 4:26PM
Marketwired
MAGNUM ENERGY INC. (the "Company") (TSX VENTURE: MEN) is pleased to
announce the closing of the first tranche of its private placement
(the "Private Placement") announced in its news release dated
December 2nd, 2009. Pursuant to the Private Placement, the Company
issued 1,666,666 flow-through shares (the (the "Flow-Through
Shares") at a price of $0.51 per Unit for gross proceeds of
$850,000. The two placees were two limited partnerships associated
with Pathway Asset Management of Toronto, Ontario.
A finder's fees (the "Finder's Fee") of $51,000 was paid in
accordance with the policies of the TSX Venture Exchange.
All securities issued pursuant to the private placement are
subject to a hold period expiring on April 11, 2010.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management),
based in Toronto, Vancouver, Montreal and Calgary, is a mining fund
with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution
of structured products and mutual funds (including the Pathway
Multi Series Funds Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities ® (a division of
Limited Market Dealer Inc.) is active in leading resource
financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry
consulting, services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities
®.
ON BEHALF OF THE COMPANY
Richard Nemeth, President
Forward Looking Statement:
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of the Company are forward-looking statements that involve various
risks. The following are important factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward-looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks
inherent in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update such forward-looking statements
if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on such
forward-looking statements.
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