no shares for Clayton
MGM Energy closes rights offering for $11.8-million
2012-12-05 17:13 ET - News Release
Mr. Henry Sykes reports
MGM ENERGY CORP. ANNOUNCES COMPLETION OF RIGHTS OFFERING
MGM Energy Corp. has completed its rights offering, which was announced on Oct. 22, 2012.
A total of approximately 74.0 million common shares will be issued pursuant to the rights offering, representing gross proceeds of approximately $11.8-million at the subscription price of 16 cents per share. The rights offering was fully subscribed through the basic and oversubscription privileges. As a result, no shares were required to be purchased through the standby purchase agreement with Clayton H. Riddell.
With the closing of the rights offering, MGM Energy has a total of approximately 388.5 million common shares issued and outstanding.
We seek Safe Harbor.