MARKSMEN ANNOUNCES EXTENSION TO COMPLETE PRIVATE PLACEMENT AND PROVIDES OPERATIONAL UPDATE
September 28 2023 - 6:44PM
Marksmen Energy Inc. (“
Marksmen” or the
“
Company”) announces that, further to its news
releases issued on July 12 and September 1, 2023, it has been
granted an extension by the TSX Venture Exchange
(“
TSXV”) to complete a second closing of its
previously announced non-brokered private placement of units (the
“
Units”) of Marksmen (the
“
Offering”) at a price of $0.05 per Unit for gross
proceeds of $350,000. The Company expects to complete a second
closing on or before October 30, 2023.
Marksmen intends to use the net proceeds of
$122,500 from the first closing of the Offering to complete an
upper zone in a well in Pickaway County, Ohio. In the following
order depending on the proceeds raised Marksmen intends to use the
net proceeds of the second closing of the Offering for the balance
of the completion of the upper zone in the well in Pickaway County
for $27,500, additional surface equipment for $50,000, lease
additional land associated with this well for $100,000 and the
remaining $50,000 for working capital.
Completion of the Offering is subject to
regulatory approval including, but not limited to, the approval of
the TSXV. The securities issued are subject to a four month hold
period from the date of issuance.
Marksmen has been delayed, due to service rig
availability, in its completion of an upper zone at its HD2 well.
It was originally scheduled for the week of September 18 to 22,
2023. It is now planned to have the service rig arrive and rig up
on October 5 or 6, 2023. The other services that are or may be
required including cementing, logging, and perforating will
commence operations on October 9, 2023 and will take three to four
days.
For additional information regarding this news
release please contact Archie Nesbitt, Director, and CEO of the
Company at (403) 265-7270 or e-mail
ajnesbitt@marksmenenergy.com.
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, the second closing of the private placement, statements
pertaining to the use of proceeds and 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.sedarplus.ca. Marksmen does not undertake to
update any forward-looking information except in accordance with
applicable securities laws.
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