Magnum Energy Inc. (TSX VENTURE:MEN) announce, that further to its press release dated June 20, 2012, it has completed a second and final closing pursuant to its previously announced public offering by short form prospectus dated June 4, 2012 and has issued $2,225,000 11% subordinated convertible secured debentures at a price of $1,000 per debenture on August 8, 2012 lead by Macquarie Private Wealth Inc.
In addition, broker warrants were issued entitling the holder to acquire up to 1,483,833 common shares at a purchase price of $0.15 for a period of 12 months from the date of issuance. Together with the first closing, Magnum has raised aggregate proceeds of $3,300,000.
The Company has made final submissions to the TSX Venture Exchange for the listing of the debentures and upon receipt of final approval from the TSXV, the debentures shall be listed and posted for trading on the TSXV.
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