Manitok Energy Inc.
TSX VENTURE : MEI

Manitok Energy Inc.

November 08, 2013 08:37 ET

Manitok Energy Inc. Closes Bought Deal Public Offering

CALGARY, ALBERTA--(Marketwired - Nov. 8, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Manitok Energy Inc. ("Manitok") (TSX VENTURE:MEI) is pleased to announce that it has closed its previously announced "bought deal" public offering (the "Offering") of common shares issued on a "Canadian Exploration Expense" flow-through basis under the Income Tax Act (Canada) ("CEE Flow-through Shares") and common shares issued on a "Canadian Development Expense" flow-through basis under the Income Tax Act (Canada) ("CDE Flow-through Shares") by way of a short form prospectus. Under the Offering, 5,638,900 CEE Flow-through Shares were issued at a price of $3.60 per CEE Flow-through Share and 1,403,000 CDE Flow-through Shares were issued at a price of $3.35 per CDE Flow-through Share, for aggregate proceeds of $25,000,090.

The syndicate of underwriters for the Offering was co-led by National Bank Financial Inc., Dundee Securities Ltd., and Macquarie Capital Markets Canada Ltd., and included Integral Wealth Securities Ltd., RBC Dominion Securities Inc., and TD Securities Inc.

Proceeds from the issuance of CEE Flow-through Shares under the Offering will be used by Manitok to incur Canadian Exploration Expenses ("CEE") on Manitok's existing Canadian properties on or prior to December 31, 2014. Manitok will renounce CEE to subscribers of CEE Flow-through Shares effective on or before December 31, 2013. Proceeds from the issuance of CDE Flow-through Shares under the Offering will be used by Manitok to incur Canadian Development Expenses ("CDE") on Manitok's existing Canadian properties on or prior to December 31, 2013. Manitok will renounce CDE to subscribers of CDE Flow-through Shares effective on or before December 31, 2013.

All CEE Flow-through Shares and CDE Flow-through Shares issued pursuant to the Offering will be freely tradable under applicable securities laws in force in Canada.

About Manitok

Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian Foothills and Southeast Alberta. Manitok will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in both the Foothills and Southeast Alberta areas of the Western Canadian Sedimentary Basin.

Forward-Looking Information Cautionary Statement

This press release contains forward-looking statements regarding the business and operations of Manitok. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements in this press release regarding anticipated uses of proceeds are forward-looking statements. Such forward-looking statements are based upon various assumptions made by Manitok, including assumptions relating to future well production rates, the performance of existing wells, success rates of future well drilling, the availability of capital to undertake planned activities, the availability and cost of labour and services and market conditions. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. In addition, all such forward-looking statements necessarily involve risks associated with oil and gas exploration, production, marketing and transportation, such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. The forward-looking statements contained herein are made as of the date hereof. Manitok undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so 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.

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