Contact Information: Contact Information: Company Contact Naeem Tyab Mogul Energy 206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
Mogul Energy International, Inc. Provides Update on Offerings
Mogul Energy Provides Update on Offerings
| Source: Mogul Energy International, Inc.
SEATTLE, WA--(Marketwire - June 12, 2008) - Mogul Energy International, Inc. (OTCBB : MGUY )
(FRANKFURT : BKX ) (the "Company") announced today that it has raised
US$950,000 through the issuance of 3,800,000 shares of its flow-through
offering pursuant to the Income Tax Act (Canada), and US$1,260,000 through
the issuance of 6,300,000 of its non-flow-through offering. Both offerings
closed on June 11, 2008. The flow-through offering was made at US$0.25 per
share and the other offering was made at US$0.20 per share.
The Company intends to use the proceeds of the offerings to fund future
exploration and development on Mogul's oil and gas exploration leases in
Saskatchewan, Canada. As part of its focus on its Saskatchewan leases, the
Company is proceeding with its plan to seek a listing of its shares on the
TSX Venture Exchange ("TSX-V"). Such a listing will be subject to TSX-V
approval.
The shares issued under the offerings have not been registered under the
United States Securities Act of 1933, as amended (the "Securities Act"),
and were not be offered or sold directly or indirectly within the United
States or to or for the account or benefit of U.S. Persons (as such term is
defined in Regulation S, as promulgated under the Securities Act) absent
registration or an applicable exemption from registration. The shares were
sold only to persons who are not U.S. Persons and who otherwise satisfy the
requirements of the applicable securities laws of the jurisdiction of their
residency. As such, the Company believes that the Offerings are exempt
from registration under Regulation S, as promulgated under the Securities
Act.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with headquarters in
Seattle, Washington. Mogul Energy has acquired a portfolio of oil and gas
leases in South East Saskatchewan, Canada. The Company has a 100% interest
in sixty-eight (68) separate freehold oil and gas exploration leases on
approximately 9,300 acres situated in South East Saskatchewan.
The common shares of Mogul Energy are quoted on the OTC Bulletin Board
(OTCBB) system under the symbol 'MGUY,' and the Frankfurt Stock Exchange
("FSE") under the symbol 'BKX'. Further information concerning Mogul Energy
can be found in the Company's filings with the U.S. Securities and Exchange
Commission (http://www.sec.gov).
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning
of the securities laws, which are based on current expectations and
beliefs, as well as on a number of assumptions concerning future events
made with information that is currently available. Statements in this news
release that are not historical facts are forward-looking statements that
are subject to risks and uncertainties. Words such as "expects," "intends,"
"plans," "may," "could," "should," "anticipates," "likely," "believes" and
words of similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses and
other information that are based on forecasts of future results, estimates
of amounts not yet determined and assumptions of management, including, but
not limited to, the Company's ability to negotiate, enter into, perform and
consummate the business combination described in this release. Inherent in
the Company's business plan is a belief that Mogul Energy can successfully
explore oil and gas properties in Egypt and Canada, and that the Company
can participate in the development of those properties. Readers are
cautioned not to put undue reliance on such forward-looking statements,
which are not a guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside of Mogul
Energy's control, which could cause actual results to differ materially
from such statements. For a more detailed description of the factors that
could cause such a difference, please refer to Mogul Energy's filings with
the U.S. Securities and Exchange Commission. Mogul Energy International,
Inc. assumes no obligation to update or supplement such forward-looking
statements other than as required by law.