|By Marketwired .||
|March 24, 2014 07:21 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 03/24/14 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased to announce that it has completed the first closing of its previously announced non-brokered private placement for 3,238,500 units (the "Units") of Marksmen at a price of $0.16 per Unit for gross proceeds of $518,160 (the "Offering"). The Units are comprised of one (1) common share ("Common Share") and one-half of one (1/2) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.25 expiring two (2) years from the date of the closing of the Offering.
In connection with the Offering, Marksmen paid cash commissions of $25,132.80 and issued 157,080 broker warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder to acquire one Common Share at a price of $0.16 per Broker Warrant for a period of one (1) year from the date of issuance.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares and Warrants issued are subject to a four month hold period from the date of issuance.
Marksmen also announces that the Company and Houghton Investments LLC, its joint venture partner (the "Joint Venture"), have conducted an analysis of the interpretation of the 3D seismic survey which was recently conducted on five square miles of contiguous joint venture property interests. The parties have decided to initially survey, and permit for drilling, 10 drill locations on Cambrian Knox remnants which are outlined by the 3D survey. The Joint Venture has contracted G&L Drilling Company of Ohio as the drilling company for this initial program.
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 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 www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Marksmen Energy Inc.
President, Chief Executive Officer and a Director