Magnum Energy Inc. (TSXV: MEN) reached agreements with certain trade creditors to receive common shares issued from treasury at $0.10 per share in exchange for trade accounts payable in the total amount of $819,866.40.
Magnum will issue some 8.2 million common shares with an effective date of Aug. 31. The shares will be issued with a four month trading restriction ending on Dec. 31.
This transaction is subject to the approval of the TSX Venture Exchange and the Alberta Securities Commission.
Magnum Energy Inc. is an independent energy company engaged ...