SCOTTSDALE, Ariz., April 5, 2013 /PRNewswire/ -- 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 million private 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.