Marksmen Announces Increased Private Placement

CALGARY, Alberta, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) (OTCQB: MKSEF) announces that, further to its news releases dated August 30 and September 29, 2021, it has increased its previously announced non-brokered private placement of up to 12,500,000 units (the "Units") of Marksmen at a price of $0.06 per Unit for aggregate gross proceeds of up to a maximum of $750,000 to a non-brokered private placement of up to 20,833,333 Units for gross proceeds of up to a maximum of $1,250,000 (the "Offering"). Marksmen may pay commissions to qualified non-related parties of up to 8% of the gross proceeds of the Offering in cash or common shares of the Corporation. All other terms of the Offering remain the same.

Marksmen intends to use the increased net proceeds of up to $500,000 to drill an offset well to the Company's Davis Holbrook #1 and Davis Holbrook #2 wells in Pickaway County for $300,000 and to participate in another Ohio drilling prospect for the remainder.

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of The TSX Venture Exchange Inc. ("TSXV"). The securities issued are subject to a four month hold period from the date of issuance.

The Company completed a first closing on September 29, 2021, and expects to complete a second and final closing on or about November 4, 2021.

For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail [email protected].

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.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.