Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

July 06, 2010 18:51 ET

Marksmen Resources Announces Private Placement

CALGARY, ALBERTA--(Marketwire - July 6, 2010) - Marksmen Resources Ltd. (the "Company" or "Marksmen") (TSX VENTURE:MA) is pleased to announce a non-brokered private placement of up to 57,777,777 subscription receipts of the Company (the "Subscription Receipts") at a price of $0.01125 per Subscription Receipt (prior to any consolidation) for aggregate gross proceeds of up to $650,000 (the "Offering"). Each Subscription Receipt is automatically convertible, without additional consideration or further action, into one (1) common share and one (1) share purchase warrant ("Warrant") of the Company two business days after the earlier of (i) the date of the filing of the articles of amendment for the proposed consolidation of the Corporation's common shares on a 10 for 1 basis and (ii) six months from the date of the closing of the Offering. Each Warrant entitles the holder thereof to purchase one common share (prior to any consolidation) for $0.015 expiring three years from the date of the closing of the Offering.

The proceeds of the Offering will be used to complete a previously announced corporate restructuring of the Company, including the completion of an oil well and the payment of obligations of the Company. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Subscription Receipts, and common shares and Warrants issued upon the conversion of the Subscription Receipts will be subject to a four month hold period from the date of the closing of the Offering.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is 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 www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with 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 of accuracy of this news release.

Contact Information

  • Marksmen Resources Ltd.
    Peter Malenica
    President and Chief Executive Officer
    (403) 265-7270
    pm@marksmen.ca
    or
    Marksmen Resources Ltd.
    2209, 140 - 4th Avenue SW
    Calgary, Alberta T2P 3N3