CALGARY, ALBERTA--(Marketwired - March 13, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
On November 23, 2010, Archibald Nesbitt directly acquired ownership of a convertible promissory note in the amount of $250,000 (the "Note"). The Note was convertible into 1,666,667 units ("Units") of Marksmen Energy Inc. (the "Issuer") at a price of $0.15 per Unit until August 11, 2013. Each Unit consists of one common share ("Common Share") of the Corporation and one Common Share purchase warrant ("Warrant") of the Corporation. Each Warrant is exercisable into a Common Share at a price of $0.15 until August 11, 2013. Mr. Nesbitt converted the Note in its entirety on December 9, 2011. The Warrants comprising part of the Units have not been exercised.
On November 23, 2010, Mr. Nesbitt, had control over 189,760 Common Shares, 66,000 Warrants, 200,000 Options and the Note. Assuming the exercise of the Warrants and Options and conversion of the Note (including the exercise of the underlying securities) owned by Mr. Nesbitt, he will beneficially own, control or have direction over, directly or indirectly, 3,789,094 Common Shares representing 23.51% of the issued and outstanding Common Shares.
As of the date hereof, Mr. Nesbitt has control over 4,505,893 Common Shares representing 12.18% of the issued and outstanding Common Shares, 2,760,167 Warrants and 695,000 Options. Assuming the exercise of the Warrants and Options owned by Mr. Nesbitt, he will beneficially own, control or have direction over, directly or indirectly, 7,961,060 Common Shares representing 19.78% of the issued and outstanding Common Shares.
The Note was acquired by Mr. Nesbitt for total consideration of $250,000. The Note was converted in its entirety on December 9, 2011 into 1,666,667 Units. Mr. Nesbitt intends to evaluate these holdings and to increase or decrease his investment in the Issuer as circumstances warrant.
A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on the Issuer's profile at www.sedar.com.
Neither 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.