Marksmen Energy Inc.
TSX VENTURE : MAH

September 29, 2011 13:05 ET

Marksmen Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 29, 2011) - Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") announces that it plans to complete a non-brokered private placement of up to 2,000,000 units (the "Units") of Marksmen at a price of $0.45 per Unit for aggregate gross proceeds of up to $900,000 (the "Offering"). The Units will be comprised of one (1) common share ("Common Share") and one-half (1/2) of a share purchase warrant ("Warrant") of Marksmen. Each Warrant entitles the holder thereof to purchase one Common Share for $0.65 expiring 12 months from the date of the 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.

Marksmen may pay a commission or finder's fee to qualified non-related parties of to up to 8% of the gross proceeds of the Offering (up to $72,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 160,000). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.45 per Broker Warrant for a period of up to 12 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 will be subject to a four month hold period from the date of the closing of the Offering.

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