Deal funds well horizontal light oil test, seismic, land acquisition
By Devika Patel
Knoxville, Tenn., Nov. 2 - Marksmen Energy Inc. said it plans a non-brokered private placement of units. The deal is slated to raise between C$2.5 million and C$3 million.
The company will sell between 8,333,333 and 10 million units of one common share and a half-share warrant at C$0.30 apiece.
Each whole warrant is exercisable at C$0.50 for one year. The strike price reflects a 56.25% premium to the closing share price of C$0.32 on Nov. 1.
Proceeds will be used for a two well horizontal light oil test in the Eastern United States as well as seismic, land acquisition and other related oil and gas activities.
Calgary, Alta.'s Marksmen is an oil and gas explorer.
| Issuer: | Marksmen Energy Inc
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2.5 million (minimum), C$3 million (maximum)
|
| Units: | 8,333,333 (minimum) 10 million (maximum)
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: MAH
|
| Stock price: | C$0.32 at close Nov. 2
|
| Market capitalization: | C$1.72 million
|
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