CALGARY, ALBERTA--(Marketwire - Oct. 18, 2007) - Mart Resources, Inc. (TSX VENTURE:MMT) announces that it has completed a private placement closing of 25,000,000 common shares for aggregate gross proceeds before commissions and issuance costs of $10,000,000. The common shares issued pursuant to this closing are subject to a four month statutory restriction on trading from the date of issue. Mart has now issued an aggregate of 105,000,000 shares to Canadian, US and offshore subscribers at a price of $0.40 per share pursuant to recent private placement closings, for aggregate gross proceeds before commissions and costs of $42,000,000. Research Capital Corporation has acted as agent in respect of this $10,000,000 closing and has received, in addition to its commission, agent's warrants to purchase 1,250,000 shares at $0.40 per share for a term of two years. Following the most recent private placement closing, Mart has an aggregate of 297,191,949 common shares issued and outstanding.
The proceeds of the private placement will be used for ongoing drilling and development operations on Mart's Nigerian oil field properties and for general working capital.
Certain statements in this News Release constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc. - London
+44 207 808 8820
Mart Resources, Inc. - Calgary