December 30, 2009
Madalena Ventures Inc. (TSXV: MVN) completed a public offering of 66,667,000 units, at a purchase price of $0.15 per unit, for aggregate gross proceeds of $10,000,050. The offering was conducted through a syndicate of agents led by Byron Securities Limited and including Union Securities Ltd. Each unit consisted of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share of Madalena at a price of $0.25 for a period of 12 months following the closing date.
Madalena plans to use the net proceeds of this offering to fund development of its international oil and gas assets located in Argentina and Tunisia and for general corporate purposes.
Wildeboer Dellelce LLP acted for the agents in connection with the offering with a team that included James Brown, Irene Kim and Luke Sawicki (corporate/securities) and Kevin Fritz (tax).