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MCF Energy Increases Financing to $12 Million Amid High Investor Demand
MCF Energy Increases Financing to $12 Million Amid High Investor Demand Canada NewsWire...
About this update from Mcf Energy Ltd
[{"type":"text","content":"\n \n \n \n MCF Energy Increases Financing to $12 Million Amid High Investor Demand\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 23, 2023\n \n \n /CNW/ -\n \n MCF Energy Ltd\n \n . (TSXV: MCF) (FRA: DC6) (OTCPK: MCFNF) (\"MCF Energy\" or the \"Company\") is pleased to announce that it has increased its previously announced non-brokered financing (the \"Financing\") of subscription receipts from\n \n $8,000,000\n \n to an aggregate of 24,000,000 subscription receipts at\n \n $0.50\n \n for gross proceeds of\n \n $12,000,000\n \n . Each subscription receipt will convert into one common share of the Company concurrently with the closing of the previously announced acquisition (the \"Acquisition\") of all of the outstanding shares of Genexco GmbH (See the Company's\n \n January 23\n \n and\n \n February 22, 2023\n \n news releases for additional details on the Acquisition and the Financing). Closing of the Financing and payment of any finders fees are subject to TSX Venture Exchange approval. Proceeds from the Financing will be held in escrow pending closing of the Acquisition and will be used to finance the Company's initial obligations under the Genexco agreement and for general working capital.\n \n \n \n James Hill\n \n , CEO and Director of MCF Energy, stated, \"We are pleased to see such strong demand for the current Financing round from both new and existing shareholders. The increase to\n \n $12 million\n \n will opportunities in\n \n Germany\n \n and\n \n Austria\n \n . MCF Energy is committed to pursuing additional large-scale natural gas projects in\n \n Western Europe\n \n as the competition for hydrocarbon assets and the need for energy security continues to intensify.\"\n \n \n \n About MCF Energy\n \n \n \n MCF Energy was established in 2022 by leading energy executives to strengthen\n \n Europe's\n \n energy security through responsible exploration and development of natural gas resources within the region. It has secured interests in two significant natural gas explo...