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Marksmen Energy closes $518,915 private placement

Marksmen Energy Inc. completed a private placement, raising $518,915 at $0.12 a share.

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  • Marksmen Energy Inc. completed the private placement.
  • Gross proceeds were $518,915.
  • Common shares were priced at $0.12 each.

Proceeds

Marksmen Energy Inc. said it issued 4,324,291 common shares in the placement and that the shares carry a four months and one day hold period.

High-angle aerial view of a small oil pad and pipeline crossing rolling grassland in late-afternoon light, with a pumpjack and well pad centered in the upper two-thirds and the lower third left empty.
Marksmen Energy closes $518,915 private placement

The company said there were no commissions paid.

Use of funds

Marksmen Energy Inc. said $389,186 of proceeds will go to project development and $129,729 to working capital.

Insider participation

Related Party Participation was 69.98%.

  • J. David Clements subscribed for 1,470,958 common shares and ended with 1,720,644.
  • John McIntyre subscribed for 500,000 common shares and ended with 559,845.
  • John Niedermaier subscribed for 1,000,000 common shares and ended with 1,225,106.
  • Archie Nesbitt subscribed for 733,333 common shares and ended with 1,086,997.
  • Hocking Hills Energy and Well Services LLC has responsibility for 100 of oil recovery costs and an agreement with Marksmen to operate wells with a 50% working interest split.