Marksmen Energy closes $518,915 private placement with insider participation

Marksmen Energy Inc. has completed a non-brokered private placement, issuing 4,324,291 common shares at $0.12 per share for gross proceeds of $518,915, according to a company statement.

The Calgary-based company, listed on the TSX Venture Exchange, paid no cash commissions on the offering. It plans to allocate 25% of proceeds, or $129,729, toward working capital and debt repayment, with the remaining 75%, or $389,186, directed at well workover and infrastructure improvement projects in Ohio.

Insiders subscribed for approximately 70% of the offering, totaling 3,704,291 common shares, qualifying the transaction as a related party transaction under Multilateral Instrument 61-101. Director J. David Clements acquired 1,470,958 shares through his wholly owned company Dack Resources Ltd. for $176,515, raising his total ownership to 17.91%. Director John Niedermaier subscribed for 1,000,000 shares for $120,000, bringing his stake to 12.75%. Director and officer Archie Nesbitt subscribed for 733,333 shares for $88,000, increasing his holdings to 11.31%. Officer John McIntyre purchased 500,000 shares for $60,000, representing a 5.83% stake.

The increases in holdings by Clements, Niedermaier, and Nesbitt triggered early warning report filing requirements under Canadian securities regulations.

Marksmen also disclosed a pending debt settlement with Conex Services Inc., a company wholly owned by Glenn Walsh, involving the issuance of common shares to retire certain outstanding debt. The settlement remains subject to a definitive agreement and TSX Venture Exchange approval.

In July 2026, Marksmen entered an agreement with Hocking Hills Energy and Well Services LLC of Ohio, under which the Ohio-based company will operate Marksmen's wells on a 50% working interest basis and fund 100% of an enhanced oil recovery program.

The offering remains subject to final acceptance by the TSX Venture Exchange, and the issued shares carry a four-month-and-one-day hold period from the date of issuance.

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