Marksmen Energy Inc. has completed the first closing of its previously announced non-brokered private placement for 649,100 units (the "Units") of Marksmen at a price of $0.15 per Unit for aggregate gross proceeds of a $97,365 (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 issuance.
Marksmen paid a cash commission of $2,142 and issued 16,080 broker warrants of Marksman (the "Broker Warrants"). Each Broker Warrant entitles the holder to acquire one Common Share at a price of $0.15 per Broker Warrant for a period of (1) year from the date of issuance.
The proceeds of the Offering will be used primarily for on-going capital projects as well as general corporate and working capital purposes.