CALGARY, ALBERTA–(Marketwired – Aug. 19, 2014) – MAGNUM ENERGY INC. (the “Corporation” or “Magnum”) (TSX VENTURE:MEN) is pleased to announce that, further to its news release dated August 1, 2014, the Corporation has completed its non-brokered private placement of 4,000,000 units (“Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $200,000 (the “Offering”). Each Unit is comprised of one common share (“Share”) and one share purchase warrant of the Company (“Warrant”). Each Warrant will entitle the holder to acquire one Share in the capital of the Corporation at an exercise price of $0.10 per Share until August 12, 2016.
All securities issued pursuant to the Offering are subject to a hold period expiring on December 13, 2014.
The Company did not pay finders’ fees or issue finders’ warrants with respect to the Offering.
The proceeds raised from the Offering will be used to work over existing oil and natural gas wells on its Sedalia and Provost properties in Southern Alberta and general working capital.
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.
Magnum Energy Inc.
403.264.5980 ext. 225