Magnum Gas & Power Limited

Published : August 31st, 2016

Magnum Update on Funding

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Keywords :   Botswana | Consequence | Georgia | Growth |

MPE ASX 160830 Magnum Update on Funding

ACN 107 708 305

MAGNUM UPDATE ON FUNDING

30 AUGUST 2016

Following on from the announcements made on 1st, 8th and 19th August 2016, the Board of Magnum Gas & Power Limited ("Magnum" or "the Company") wishes to advise that in light of recent correspondence with representatives of the placee under the placement and the provider of the convertible loan facility previously announced, Mr Mohamed Shahrom Abdul Ghani, the board is no longer sufficiently certain that the placement funds will be received or that any further drawdown of funds under the convertible loan will be provided. The Company has not received funds under the convertible loan facility following a drawdown request made last week.

As a consequence, the Company wishes to clarify that, as the placement has not been completed, Dato' Yusli Bin Mohamed Yusoff has not officially been appointed as Chairman of the board. Mr Tom Fontaine remains as Chairman of the board.

In the interim Magnum will continue to liaise with the placee and his representatives and to pursue all other avenues to fund working capital needs and progress the objectives of the Company.

For further information, please contact: Trent Wheeler, Managing Director

About Magnum Gas & Power Ltd http://www.magnumgpl.com/

Energy for Growth Power for a Cleaner Future

Magnum Gas & Power Ltd is a listed (ASX: MPE, BSE: MAGNUM) Energy company working to develop Solar and Gas Power Generation infrastructure, along with upstream Gas exploration and production projects, in Botswana, Africa. The Company's board of directors and management team has extensive experience in exploration and development of energy, resources and infrastructure projects.

Suite 9/5 Centro Avenue, Subiaco WA 6008

Telephone: 61 8 9226 1356 Facsimile: 61 8 9226 2027 Website: www.magnumgpl.com

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Data and Statistics for these countries : Botswana | Georgia | All
Gold and Silver Prices for these countries : Botswana | Georgia | All

Magnum Gas & Power Limited

CODE : MPE.AX
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Magnum Gas & Power LTD is based in Australia.

Magnum Gas & Power LTD is listed in Australia. Its market capitalisation is AU$ 9.6 millions as of today (US$ 7.5 millions, € 6.3 millions).

Its stock quote reached its highest recent level on October 01, 2010 at AU$ 0.07, and its lowest recent point on December 29, 2017 at AU$ 0.00.

Magnum Gas & Power LTD has 4 820 939 776 shares outstanding.

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Financings of Magnum Gas & Power Limited
8/31/2016Magnum Update on Funding
Corporate news of Magnum Gas & Power Limited
8/31/2016MPE ASX 160819 Magnum Update on Funding
8/31/2016Magnum Update on Funding
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