Manitok Energy and Raimount Energy Announce Closing of Arrangement and Manitok Energy Announces Closing of Non-Brokered Subscription Receipt Financing and Appointment of Director

CALGARY, ALBERTA--(Marketwired - Aug. 19, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Manitok Energy Inc. ("Manitok") (TSX VENTURE:MEI) and Raimount Energy Inc. ("Raimount") (TSX VENTURE:RMT) are pleased to announce that the previously announced plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") involving Manitok, Raimount, the holders of common shares of Raimount (the "Raimount Shareholders") and 1977746 Alberta Inc. ("Acquireco"), a wholly owned subsidiary of Manitok, has been completed. The Arrangement was approved at the special meeting of the Raimount Shareholders on August 17, 2016 and by the Court of Queen's Bench of Alberta on August 19, 2016. Pursuant to the Arrangement, Manitok has acquired, indirectly through Acquireco, all of the issued and outstanding common shares of Raimount and each Raimount Shareholder will receive six (6) common shares (the "Manitok Shares") and one and one- half (1.5) common share purchase warrants (the "Manitok Warrants") in the capital of Manitok in exchange for each Raimount common share held. Manitok issued an aggregate of 41,207,196 Manitok Shares and 10,301,799 Manitok Warrants. It is anticipated that Raimount's shares will be delisted from the TSX Venture Exchange.

Manitok also announces that all escrow release conditions have been satisfied in connection with the closing of its previously announced non-brokered private placement offering of subscription receipts (the "Offering"). The subscription receipts were exchanged for commons shares of Manitok on a 1 to 1 basis and the net proceeds of the Offering were released to Manitok.

As at August 31, 2016, Manitok anticipates its net bank debt will be approximately $38.0 million after the closing of the Arrangement and the Offering. Manitok's credit facility is currently $44.5 million and the next customary review date has been set for December 2016.

Manitok is also pleased to announce the appointment of Mr. Ken Mullen to the board of directors of Manitok (the "Board") and the appointment of Mr. Gregory Vavra as Executive Vice President, Business Development of Manitok, effective immediately. The appointment of Mr. Mullen as a Board member, and Mr. Vavra as an executive officer of Manitok, are in accordance with the terms of the arrangement agreement dated June 29, 2016, as amended July 12, 2016, among Manitok, Raimount and Acquireco. Manitok is excited to have the expertise and knowledge that Mr. Mullen and Mr. Vavra will provide in their respective roles.