| FOR IMMEDIATE
RELEASE April 4,
2008
ENERMAD CORP. CLOSES $3.6 MILLION
PRIVATE PLACEMENT AND SECURES RIGHTS TO
MADAGASCAR’S “GRAND PRIX”
OFFSHORE OIL & GAS BLOCK
Vancouver, British Columbia
— ENERMAD CORP. (the
“Company”) is pleased to announce that
it has now closed a further private funding with a
raise of CAD $3.61 Million from a group which
includes management, institutions and private
investors. A total 4,916,731
Common Shares were sold in the non-brokered
private placement at a price of $0.75 per Common
Share, for gross proceeds of $3,617,950. The
funding was closed in three tranches dated January
31, 2008, March 25, 2008, and March 31, 2008,
respectively. An aggregate of
$7,484,278 has now been raised by the Company to
date. A total of 18,519,916 Shares of EnerMad are
now issued and outstanding, of which PAN AFRICAN
MINING CORP. (“Pan
African”) (TSX.V: PAF)
owns 9.7%.
The Company is a
privately-held Canadian corporation which was
founded by Pan African with a view toward
acquiring favorable oil and gas leases in
Madagascar and elsewhere in Africa.
It is managed by a seasoned team of oil
industry professionals from Calgary, headed by Jim
Dalsin, CEO, Soren Christiansen, Chairman, and Ken
Schubert, P. GeoPh., V.P. Exploration.
On November 26,
2007, the Company was awarded the exploration
license covering a highly prospective offshore oil
& gas prospect known as the “Grand Prix
Block,” which covers some 4.1 million acres
or 16,845 sq. km. in the hydrocarbon proven
Morondava Basin off the West Coast of Madagascar
in the Mozambique Channel. It
is a multi-zone prospect with targets ranging from
shallow waters to depths of 1800 m, with leads
from 4000-6000 m total
depth. The grant
was confirmed by issuance of a Presidential Decree
and official publication. A
formal profit-sharing contract has been executed
and is now in place covering the prospect between
the Company and L’Office des Mines
Nationales et des Industries Strategiques
(“OMNIS”), the Malagasy State Agency
charged with oversight and administration of the
country’s strategic resources of
hydrocarbons and uranium. The
Grand Prix Block represents the largest contiguous
offshore block granted to date in
Madagascar. Proceeds
of the present private placement will be utilized
to cover the Company’s 2008 exploration
budget, as well as for operating expenses and
working capital. The Company is
presently engaged in acquisition and reprocessing
of substantial additional seismic and geologic
date with a view toward prioritizing drill
targets. The Company
contemplates proceeding with an initial public
offering as soon as practicable after compilation
of all required data and prioritization of drill
targets.
ON BEHALF
OF THE BOARD OF DIRECTORS OF
ENERMAD
CORP. “Jim
Dalsin”
Jim Dalsin
Chairman
& CEO For more information,
contact:
| Jim Dalsin, President and
CEO, EnerMad E-mail:
jdalsin@enermad.com Phone: (403) 850-6944 Fax:
(604) 899-0200 | Irwin Olian, Director,
EnerMad E-mail:
tigertail@enermad.com Phone: (213) 300-3200 Fax: (604)
899-0200 |
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