VANCOUVER, Jan. 2 /CNW/ - Magnum Energy Inc. (TSX-V: MEN) is pleased to
announce closing of the flow-through private placement announced December 12,
2007. An aggregate of 367,500 units at a price of $0.50 per unit for total
gross proceeds of $183,750.00 were issued. Each unit consists of one
flow-through common share in the capital of the Company and one
non-transferable share purchase warrant. Each warrant entitles the holder
thereof to purchase one additional common share on or before December 31, 2008
at a purchase price of $0.75 per share.
The Company did not use an exclusive agent in connection with this
financing. A finder's fee, payable in cash, of $13,100.00, equal to 8% of the
gross proceeds of the units sold by it, was paid to Wolverton Securities Inc.
All securities issued pursuant to the private placement are subject to a
hold period until May 1, 2008.
The Company will be using the proceeds of this private placement to
develop its 2008 drilling program in the Company's properties.
Magnum Energy Inc.
Magnum Energy Inc. is a junior oil and gas exploration company operating
in the Western Canadian Sedimentary Basin. The company is headed by Ted Konyi,
CEO who has had extensive experience in the financing of oil and gas projects
in Western Canada. The company has established an initial core area in South
Eastern Alberta which it believes will produce significant cash flow for the
company upon completion of a comprehensive drilling program.
The TSX Venture Exchange has neither approved or disapproved the contents
of this press release.
For further information:
For further information: call either Richard Nemeth or Allan Thompson at
(604) 669-3155, Magnum Energy Inc., 1280 - 333 Seymour Street, Vancouver,
B.C., V6B 5A6, firstname.lastname@example.org