Marksmen Energy Inc.

Marksmen Energy Inc.

December 31, 2015 16:01 ET

Marksmen Announces First Closing of Private Placement

CALGARY, ALBERTA--(Marketwired - Dec. 31, 2015) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH)(OTCQB:MKSEF) is pleased to announce that it has completed the first closing of its previously announced non-brokered private placement for 1,570,000 common shares (the "Common Shares") of Marksmen at a price of $0.08 per share for aggregate gross proceeds of $125,600 (the "Private Placement"). The final closing is anticipated to take place on or before January 16, 2016.

Marksmen did not pay any commissions in connection with the first closing of the Private Placement.

Completion of the Private Placement is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares issued are subject to a four month hold period from the date of issuance.

Further to the use of proceeds outlined in the December 2, 2015 press release, the Company provides the following additional details:

A well location, Davis Holbrook #1, has been surveyed and a drilling permit has been applied for from the state of Ohio and is anticipated to be received by mid-January 2016. The gross costs of the well in USD are estimated to be $115,000 to drill and $140,000 to complete and equip the well totaling $255,000 USD or approximately $357,000 CDN. A third party company has the right to participate in this well up to 25%. Other proceeds from the private placement will be used to further optimize existing wells with recompletions/workovers and for general and administrative purposes, including reduction of accounts payable and a $77,600 interest payment on outstanding secured debentures.

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.

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the use of proceeds, operations and the closing of the private placement including the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen's disclosure documents on the SEDAR website at Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Contact Information

  • Marksmen Energy Inc.
    Archie Nesbitt
    Director and CEO
    (403) 265-7270