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MNP Petroleum Says Closing Date Of Tajikistan Financing Deal Extended To February

|Includes: MNP Petroleum Corporation (MNAP)

MNP Petroleum (CVE:MNP) (OTCMKTS:MNAP), an oil and gas company focused on Central Asia and Mongolia, said that Netherlands-based financing holding company Stichting VB Vagobel has requested to extend the closing date of the binding private placement agreement dated November 30 to February 19.

Vagobel has informed MNP because of the slow business practice during the holiday season, Vagobel requires further time to finalize its financing facility, Baar, Switzerland-based MNP Petroleum said in a statement today.

The agreement, announced on September 8, provides for a staged private placement of equity and convertible debt for gross proceeds of up to $67 million to be used for advancing MNP's Tajikistan activities.

In Tajikistan, MNP owns a 90 percent working interest in a production sharing agreement covering the license areas Zapadnyi and Severo-Zapadnyi in the Soughd region through its wholly-owned subsidiary DWM Petroleum AG, and it has agreed to purchase a working interest eight producing oilfields.