Marksmen Energy Inc.
TSX VENTURE : MAH

Marksmen Energy Inc.

November 16, 2011 13:13 ET

Marksmen Announces Completion of Private Placement and Results of Annual and Special Meeting

CALGARY, ALBERTA--(Marketwire - Nov. 16, 2011) - Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement for 1,790,555 units ("Units") of the Company at a price of $0.45 per Unit for gross proceeds of $805,750. Each Unit consists of one common share ("Common Share") and one-half of one share purchase warrant ("Warrant"), with each whole Warrant entitling the holder thereof to purchase one Common Share at a price of $0.65 per share for a period of two years from the date of closing of the Offering, provided that, if the Common Shares close at or above $1.30 on a 20 day weighted average at any time after the expiry of four months and one day from the date of issuance, the expiry date shall be automatically reduced to the date that is 30 days after the date the Company provides written notice to the holders of Warrants of the new expiry date.

In connection with the Offering, Marksmen paid cash commissions of $15,679.98 and issued 34,844 broker warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder to acquire one Common Share at a price of $0.45 per Broker Warrant for a period of up to 24 months from the date of issuance.

The proceeds of the Offering will be used for oil and gas capital expenditures and general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The securities issued are subject to a four month hold period from the date of the closing of the Offering.

The Corporation also announces that at the annual and special meeting of the shareholders of the Corporation (the "Shareholders"), the following resolutions were approved:

  1. The fixing of the number of directors of the Corporation at four (4) and election of the directors (as set out below);
  2. The appointment of MNP LLP as the auditors of the Corporation for the ensuing year; and
  3. The approval of the Corporation's stock option plan.

The Board of Directors of Marksmen now consists of Erich Boechler, John Niedermaier, Archibald Nesbitt and William A. Kanters. Wayne Toole did not stand for re-election as a director of the Corporation. The Board of Directors thanks Mr. Toole for his services to the Corporation and wishes him success in his future endeavours.

This press release may contain forward-looking statements about certain of the Company's current plans, goals and expectations relating to financial conditions, performance, results, strategy and objectives, including without limiting the generality of the foregoing, statements made regarding the Offering and use of funds. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company's control. As a result, the Company's actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

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 news release.

Contact Information

  • Marksmen Energy Inc.
    Erich Boechler
    Chief Executive Officer
    (403) 265-7270
    jm@marksmen.ca