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TSXV Trading Symbol: MVN
CALGARY,
Nov. 21, 2013 /CNW/ - Madalena Energy
Inc. (the "Madalena" or the "Company") (TSXV: MVN) is
pleased to announce that it has closed its previously announced
private placement ("Private Placement") financing for
aggregate gross proceeds of $3.0
million through the issuance of 5,555,556 common shares
issued as CDE "flow-through shares" within the meaning of the
Income Tax Act (Canada) at
a price of $0.54 per share.
The shares issued pursuant to the Private
Placement are subject to a four month hold period, which expires on
March 22, 2014. Madalena paid a
finder's fee on the gross proceeds from the Private Placement to a
brokerage firm.
The Corporation's previously announced
bought-deal financing in the amount of $8,000,000 is expected to close on or about
December 3, 2013.
About Madalena - International and Domestic Assets
Madalena is an independent, Canadian-based,
domestic and international upstream oil and gas company whose main
business activities include exploration, development and production
of crude oil, natural gas liquids and natural gas.
Internationally, Madalena holds three blocks
within the Neuquén basin in Argentina comprised of approximately 135,000
net acres on the Coiron Amargo (approximately 35,000 net acres),
Curamhuele (approximately 50,500 net acres) and Cortadera
(approximately 49,500 net acres) blocks.
Domestically, Madalena's core area of operations
is located in the Greater Paddle River area of west-central
Alberta, where the Corporation
holds approximately 200 gross (155 net) sections of land (78%
average working interest).
Madalena trades on the TSX Venture Exchange
under the symbol MVN. Basic corporate information, recent news
releases and regularly updated corporate presentations are
available on the Company's website at
www.madalena-energy.com.
Reader Advisories
Forward Looking Information
The information in this news release contains
certain forward-looking statements. These statements relate to
future events or our future performance, in particular with respect
to the Company's reserves and production from its properties. All
statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "approximate",
"expect", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions. In particular, this news release
contains forward-looking statements pertaining to planned
operational activities to be conducted by the Company. In addition,
statements relating to "reserves" or "resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated
and can be profitably produced in the future. These statements
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control, including: the
impact of general economic conditions; industry conditions; changes
in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced; fluctuations in commodity prices and foreign exchange and
interest rates; stock market volatility and market valuations;
volatility in market prices for oil and natural gas; liabilities
inherent in oil and natural gas operations; uncertainties
associated with estimating oil and natural gas reserves;
competition for, among other things, capital, acquisitions, of
reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; changes in income tax
laws or changes in tax laws and incentive programs relating to the
oil and gas industry; geological, technical, drilling and
processing problems and other difficulties in producing petroleum
reserves; and obtaining required approvals of regulatory
authorities. The Company's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits the Company will derive from them. These
statements are subject to certain risks and uncertainties and may
be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward-looking
statements. The forward-looking statements in this news release are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements. Investors
are encouraged to review and consider the additional risk factors
set forth in the Company's Annual Information Form, which is
available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Madalena Energy Inc.