Marksmen Announces Increased Private Placement

CALGARY, Alberta, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSXV: MAH) (OTCQB: MKSEF) (“Marksmen” or the “Company”) is pleased to announce that it has increased its previously announced non-brokered private placement of up to 8,750,000 units (the “Units”) of Marksmen at a price of $0.04 per Unit for aggregate gross proceeds of up to a maximum of $350,000 (the “Offering”) to up to 15,000,000 Units for aggregate gross proceeds of up to a maximum of $600,000. Marksmen previously announced a first closing of the Offering pursuant to which $97,000 was raised and intends to complete additional closings to raise the maximum under the Offering. All other terms of the Offering remain the same. There is no minimum Offering. The Units will be comprised of one (1) common share (“Common Share”) and one (1) share purchase warrant (“Warrant”) of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.07 expiring two (2) years from the date of the closing of the Offering.

Marksmen may pay a cash commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering (up to $48,000) and broker warrants (the “Broker Warrants”) equal to up to 8% of the number of Units sold in the Offering (up to 700,000 Broker Warrants). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.05 per Broker Warrant for a period of one (1) year from the date of issuance.

In the following order depending on the proceeds raised Marksmen intends to use the net proceeds of the Offering to pay $75,000 of debenture interest, $400,000 towards drilling or recompletion of wells in Ohio and $77,000 towards working capital.

The Offering is being offered to all of the existing shareholders of Marksmen who are permitted to subscribe pursuant to the Existing Shareholder Exemption. This offer is open until March 18, 2021 or such other date or dates as the Company determines and one or more closings are expected to occur, with the next closing anticipated for on or before February 10, 2021.

Any existing shareholders interested in participating in the Offering should contact the Company pursuant to the contact information set forth below.

The Company set December 18, 2020 as the record date for determining existing shareholders entitled to subscribe for Units pursuant to the Existing Shareholder Exemption. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on or before the record date, a shareholder of the Company and still are a shareholder as at the closing date. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment.