Mondial Ventures Inc. (OTC Bulletin Board: MNVN) reported today that the Company has agreed to a terms for a USD 1,000,000 private placement with a option for a second USD 1,000,000 from a European based private equity group. The proceeds are to be used for advancing the Company's Oil and Gas acquisition and development strategy.
Under the terms of the private placement the Company will issue 4,000,000 common shares at 0.25 per share with a option to participate and a second USD 1,000,000 priced at a 20% discount to market based on the last 5 days closing price. The funds will be advanced in stages as the Company finalizes and implements agreements and contracts that are to be approved by the funder.
"We appreciate the support and confidence in Mondial shown by the European based private equity group with its $1.0 millionprivate placement and follow on $1.0 million option," said Dennis R Alexander, CEO of Mondial, in a statement. "The group delivers a financing solution that provides us with the additional liquidity we need to execute our business plan and meet the strong and growing demand for oil and natural gas drilling and development programs."
Key agreements and contracts will be announced when approved and funded for implementation.
About Mondial Ventures Inc.
Mondial Ventures, Inc. is Oil and Gas Producer engaged in the acquisition of Oil and Gas properties and assets that can be developed into revenue producing assets. The Company has put an emphasis on acquiring existing Oil fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput. The Company's goal through their successful operators utilize the latest technologies and equipment with the goal to bring operating production costs down to 20% in an industry of that averages 35% and up, thus yielding higher margins.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures Inc.'s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site:
Public Relations and Shareholder Information
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SOURCE Mondial Ventures, Inc.