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