ENP Newswire -
Release date- 30052014 -
The information required in terms of BC Instrument 45-534 is set out later in this release.
Magnum intends to raise up to a maximum of
The private placement will consist of up to 10 million Units at a price of
Subject to the
All of the Units issued will be subject to a four-month hold period. The Private Placement is subject to acceptance by the
BC Instrument 45-534 Information
The offer will also be made to all shareholders, who as of the share register record date of
The subscribing shareholder, in purchasing the ordinary shares on offer as principal, will need to represent in writing that they were, on or before the record date a shareholder of the Company (and still are).
The aggregate acquisition cost to a subscribing shareholder cannot exceed
The maximum aggregate gross proceeds are
In completing the financing, the Company may utilize other available regulatory exemptions in addition to the new existing shareholder exemption.
Use of Proceeds
Magnum's immediate focus is to bring the existing production behind pipe at the Provost and Sedalia projects back into production by completing work-overs on wells that need mechanical attention that is cyclical in nature.
As at the date of this news release, it is anticipated that, if the offering of
If the offering is not fully subscribed the company will pay finder's fees and general and administration expenses of up to
This offer is available to all security holders who held our common shares on or before
Certain statements in this release are forward-looking statements, including with respect to Magnum's proposed use of proceeds raised from the above-described private placement. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.
No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Magnum will obtain from them. In particular, there may be circumstances where, for sound business reasons, a reallocation of funds may be necessary. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
Most Popular Stories
- Florida Warns Beach-goers About Flesh-eating Bacteria
- Sutherland Responds to 'Unprofessional' Jibe
- Business Leaders Set for CHCC Convention
- Is California Going to Land Tesla's Battery Plant?
- DishLATINO Wins Hispanic TV Award
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- Twitter's Stock Rises on Stellar Revenues
- Ebola Outbreak Strikes Fear in Minnesota
- Beyonce Seen Apartment Shopping in NYC Without Jay Z
- U.S. Consumer Confidence at Strongest Since 2007