MNP Petroleum Corporation (MNAP) may not have struck oil today, but the investors of their penny stock surely struck it rich after the international oil and gas company announced the details of a $67 million financing deal they entered into. Shares of MNAP stock caught fire after opening at 0.072, roughly 10% of the price a large portion of the convertible debt Stichting VB Vagobel will be able to cash in on, and less than half the price the Dutch financial holdings company is due to receive 48,771,130 shares for. With a small fortune of cash due to be thrown at the Company after today’s announcement, the chances of them tapping into the oil rich fields in Tajikistan just got a whole lot more likely.
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MNAP Stock Quote
Market Cap: 20.71M
Last: 0.116 ▲ +0.0421 (+56.97%)
Volume: 2,878,716
Dollar Volume: $290,528
Open: 0.072
High: 0.1345
Low: 0.072
Trades: 183
14-Day RSI: 75.80%
1st Resistance Point: 0.136
1st Support Level: 0.088
52Wk High: 0.1345
52Wk Low: 0.035
The news which came out early this morning stated how Stichting VB Vagobel agreed to provide for a staged private placement of equity and convertible debt with MNP Petroleum Corp. for gross proceeds of up to US$ 67,000,000. This would be the first significant debt placed onto the books of the oil and gas explorers who had just $960,703 in total liabilities as of June 30, 2014 to offset against their whopping $21,264,624 worth of assets, $7,047,161 of which was cash and cash equivalents.
The cash injection is likely to lead to either a massive exploration project to take place in Tajikistan where MNP Petroleum made a major investment in at the very end of 2012 or it could quite possibly be funds which are to be used for a pending deal by which the Company agreed to purchase a producing oilfield in Tajikistan, though this acquisition remains subject to closing conditions and regulatory approvals. Either way, $50,000,000 of the funding is said to be convertible at 0.70 per share 5 years down the road which is a long traders dream to hear about when shares were sitting at just 0.072 this morning. Even the short-term outlook looks good based on $7,315,670 of the funds earmarked to purchase 48,771,130 MNAP shares at 0.15.
With the lack of excitement on the OTC today and the sudden surge in volume and 52 week high setting on MNAP stock, the summer times blues have gone away, at least for today. With volume expected to continue to spike further as the trading session continues, the 0.15 target price will likely bring about profit takers who saw the signs from the PR and pulled their triggers correctly.
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About MNAP Stock
MNP Petroleum Corporation is a development stage company in the business of exploring for oil and gas, primarily in Central and East Asia.
Click here to view the SEC filings for MNAP.
Click here to view the website for MNP Petroleum.
Authorized: 600,000,000
Issued and Outstanding: 172,592,292
Last 5 Trading Sessions:
| Date | Open | High | Low | Last | Change | % Chg | Volume |
| 09/08/14 | 0.0720 | 0.1345 | 0.0720 | 0.1160 | +0.0421 | +56.97% | 2,782,716 |
| 09/05/14 | 0.0750 | 0.0791 | 0.0511 | 0.0739 | -0.0021 | -2.76% | 285,300 |
| 09/04/14 | 0.0700 | 0.0780 | 0.0561 | 0.0760 | +0.0174 | +29.69% | 254,900 |
| 09/03/14 | 0.0671 | 0.0671 | 0.0570 | 0.0586 | -0.0085 | -12.67% | 75,000 |
| 09/02/14 | 0.0670 | 0.0671 | 0.0670 | 0.0671 | -0.0059 | -8.08% | 32,800 |
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