Maridive and Oil Services S.A.E. (CASE:MOIL) announced a private placement of 60,655,000 common shares at a price of $0.61 per share for the gross proceeds of $36,999,550 to new Canadian individual investor Najjad Zeenni on May 8, 2019. The transaction will include participation from a Canadian individual investor Najjad Zeeni for 12.9% stake in the company. The transaction is subject to approval of board of directors and shareholders at the extraordinary general meeting.