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MENA Hydrocarbons Inc Announces Private Placement Financing


Friday, 14 Dec 2012 01:43pm EST 

MENA Hydrocarbons Inc announced that it is proceeding with a non-brokered private placement (the Offering) of up to 25,000,000 million units at a price of $0.02 per unit for gross proceeds of $500,000. Each Unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of $0.05 at any time within 12 months from the date of issue, and at a price of $0.10 thereafter until two years from date of issue. The Offering is being made pursuant to the Bulletin of the TSX Venture Exchange (TSXV) dated August 17, 2012 which provides for temporary relief from certain pricing requirements. Mr. Magdy Bassaly is expected to subscribe for 25% of the Offering ($125,000 or 6,250,000 units) with the balance of the Offering to be subscribed for by arm's length third parties. The net proceeds of the financing will be used to fund the maintenance and development of the Company's assets in Egypt, to repay amounts owing to arm's length third party creditors in Egypt and Canada and for working capital purposes. The Offering is necessary to support existing operations, activities and assets, and none of the proceeds will be used to fund the purchase or pursuit of new businesses, operations or activities, or to compensate, settle indebtedness with, or otherwise satisfy obligations to, any person who is a Related Party. 

Company Quote

0.02
-0.0050 -20.00%
22 Jul 2014