CALGARY, ALBERTA--(Marketwired - Aug. 1, 2014) - MAGNUM ENERGY INC. (the "Corporation" or "Magnum") (TSX VENTURE:MEN) is pleased to announce that it has arranged a non-brokered private placement of up to 4,000,000 units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $200,000 (the "Offering"). Each Unit will consist of one common share ("Share") and one share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the holder to acquire one Share for a period of up to 24 months from the closing date at an exercise price of $0.10 per Share.
The proceeds raised from the Offering will be used to work over existing oil wells on natural gas wells on its Sedalia project in Southern Alberta and general working capital.
Subject to the TSX Venture Exchange approval, the Company may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
All of the Units issued will be subject to a four-month hold period. The Private Placement is subject to acceptance by the TSX Venture Exchange.
ON BEHALF OF THE CORPORATION
Richard A. Nemeth, CEO
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Energy Inc.Richard Nemeth
President & CEO
Source: Magnum Energy Inc.