CALGARY, ALBERTA--(Marketwired - Sept. 16, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces that it has filed a preliminary base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada for the offering of up to a cumulative amount of CDN$150,000,000 of common shares, preferred shares, debt securities, subscription receipts, warrants, units or any combination thereof (the "Securities") over the 25-month period for which the final short form base prospectus remains valid. The specific terms of any Securities issued over the 25 month period will be described in prospectus supplements to be filed with the applicable securities regulatory authorities in Canada at the time of issuance.
No securities may be sold, nor may offers to buy, be accepted prior to the time at which a receipt for the final base shelf prospectus is obtained from applicable Canadian securities regulatory authorities. This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. This press release does not constitute an offer of securities for sale in the United States, and the securities referred to in this press release may not be offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an applicable exemption from registration under the U.S. Securities Act and applicable state securities laws.
Manitok has issued incentive stock options ("Options") under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 1,491,100 common shares ("Common Shares") of the Corporation at an exercise price of $0.16. The 741,100 Options granted to the directors are in lieu of cash fees payable by the Corporation to such directors during the period of July 1 to December 31, 2016. The 750,000 Options issued to officers were issued to two recently appointed officers of the Corporation.
All of such Options are exercisable for a period of five years and 33 1/3% of the Options will vest one year after the date of the grant of such Options and the remainder will vest 33 1/3% per year thereafter.
Upon the granting of the Options described above, Manitok will have approximately 16,837,650 Options outstanding, which represents about 7.4% of the issued and outstanding Common Shares.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in southeast Alberta and the Canadian foothills. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in both the southeast Alberta and foothills areas of the Western Canadian Sedimentary Basin.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the expectations and assumptions concerning the receipt of required regulatory approvals.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Manitok, including without limitation: (i) expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of any offerings, and (ii) with respect to the remaining forward-looking statements, expectations and assumptions concerning the success of future drilling and development activities.
Although Manitok believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Manitok can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, competitive factors in the oil and gas industry, prevailing economic conditions, and other factors, many of which are beyond the control of the the Corporation. Certain of these risks are set out in more detail in Manitok's current Annual Information Form, which is available on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com and on the Corporation's website at www.manitokenergy.com.
Forward-looking information is based on estimates and opinions of management of Manitok at the time the information is presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking information, whether as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.