|By Marketwired .||
|May 29, 2014 03:02 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/29/14 -- MAGNUM ENERGY INC. ("Magnum" or the "Corporation") (TSX VENTURE: MEN) Magnum announced today that further to its original financing announcement on May 28, 2014, the company will also make the offer to subscribe for new capital available to existing shareholders, who can avail themselves of the offer under a new prospectus exemption process as set out in BC Instrument 45-534. The information required in terms of BC Instrument 45-534 is set out later in this release.
Magnum intends to raise up to a maximum of C$500,000 by a non-brokered private placement financing, to work over existing oil wells on its Provost project and natural gas wells on its Sedalia project in Southern Alberta.
The private placement will consist of up to 10 million Units at a price of C$0.05 per Unit. Each Unit will consist of one common share and one common share purchase Warrant. Each Warrant will entitle the holder to purchase one common share at a price of C$0.10 per share, exercisable for a period of 24 months from the date of issuance.
Subject to the TSX Venture Exchange approval, the Company may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
All of the Units issued will be subject to a four-month hold period. The Private Placement is subject to acceptance by the TSX Venture Exchange.
BC Instrument 45-534 Information
The offer will also be made to all shareholders, who as of the share register record date of May 28, 2014 held common shares in the Company (shareholders resident in Ontario, Newfoundland and Labrador, and countries other Canada, will need to meet local jurisdiction requirements to participate).
The subscribing shareholder, in purchasing the ordinary shares on offer as principal, will need to represent in writing that they were, on or before the record date a shareholder of the Company (and still are).
The aggregate acquisition cost to a subscribing shareholder cannot exceed $15,000 unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the residential jurisdiction.
The maximum aggregate gross proceeds are C$500,000 (representing the maximum number of Units to be issued of 10 million). There is no minimum of gross proceeds on this offering. If subscriptions received exceed the maximum offering, units will be allocated pro rata amongst all subscribers.
In completing the financing, the Company may utilize other available regulatory exemptions in addition to the new existing shareholder exemption.
Use of Proceeds
Magnum's immediate focus is to bring the existing production behind pipe at the Provost and Sedalia projects back into production by completing work-overs on wells that need mechanical attention that is cyclical in nature.
As at the date of this news release, it is anticipated that, if the offering of C$500,000 is fully subscribed, the Company would use up to C$425,000 to complete well work-overs at the Provost and Sedalia locations in Southern Alberta. General & administration expenses and finder's fees would make up the other C$75,000 of the offering. If the offering is not fully subscribed the company will pay finder's fees and general and administration expenses of up to C$75,000 and the rest of the proceeds would go towards the well work-overs. While it is intended that Magnum will spend the funds available to it as stated, there may be circumstances where, for sound business reasons, a reallocation of funds may be necessary.
This offer is available to all security holders who held our common shares on or before May 28, 2014. This offer will be open until June 13, 2014. If you are a security holder who is interested in participating in this offering; or for further information on Magnum Energy Inc., please see contact information below.
We seek Safe Harbor.
Certain statements in this release are forward-looking statements, including with respect to Magnum's proposed use of proceeds raised from the above-described private placement. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Magnum will obtain from them. In particular, there may be circumstances where, for sound business reasons, a reallocation of funds may be necessary. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
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.
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...
Feb. 22, 2017 09:15 AM EST Reads: 1,360
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Feb. 22, 2017 08:45 AM EST Reads: 1,114
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
Feb. 22, 2017 08:30 AM EST Reads: 832
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 22, 2017 08:30 AM EST Reads: 813
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 22, 2017 08:15 AM EST Reads: 4,645
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 22, 2017 08:00 AM EST Reads: 644
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 07:30 AM EST Reads: 290
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Feb. 22, 2017 07:00 AM EST Reads: 2,906
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business's infrastructure required to support an effective web experience... but they are missing a critical component - Internet visibility.
Feb. 22, 2017 06:45 AM EST Reads: 1,614
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Feb. 22, 2017 06:00 AM EST Reads: 5,250
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Feb. 22, 2017 06:00 AM EST Reads: 1,823
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 05:45 AM EST Reads: 1,687
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Feb. 22, 2017 03:15 AM EST Reads: 5,520
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Feb. 22, 2017 03:00 AM EST Reads: 2,051
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Feb. 22, 2017 02:45 AM EST Reads: 2,035