Upcoming Catalysts MCF Energy (TSXV-MCF) announced an increase to their previously announced non-brokered private placement from C$2.5M up to C$4.4M.
- $0.15 per Unit consisting of one common share and one full warrant at $0.16 for 2 years.
- C$2M in committed orders from management and insiders including well known Canadian investor, Frank Giustra.
What does $4.4 million accomplish?
1) MCF will be Cash Flow Positive via their Czech Republic Assets. This will generate US$150k per month come December and ramping up.
2) It enables MCF Energy to contribute their portion (25%) to fully test the Welchau Well in October. This was previously press released in March
3) This gives the company runway to have the 20% free carry well in Germany drilled in Sep/Oct.
In the 80’s Mobil drilled the Kinsau 1A Well and has over 24m cubic feet of gas per day.
The well being drilled which MCF has a free 20% carry on is beside this well.
MCF spent last year acquiring 300km2 around this Kinsau Well, their asset known as “Lech East”.