CALGARY, ALBERTA–(Marketwired – July 26, 2016) –Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSX VENTURE:MEI) is pleased to announce that on July 25, 2016, Manitok closed its previously announced non-brokered private placement offering of subscription receipts (the “Subscription Receipts“) at a p rice of $0.18 per Subscription Receipt (the “Private Placement“). Under closing of the Private Placement, Manitok issued 8,333,334 Subscription Receipts for aggregate gross proceeds of $1.5 million. Each Subscription Receipt entitles the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to receive one common share of the Corporation (a “Common Share“) upon certain escrow release conditions being met, including the closing of the arrangement pursuant to the arrangement agreement dated June 29, 2016 as amended on July 12, 2016 between Manitok and Raimount Energy Inc. (TSX VENTURE:RMT).
Upon the proceeds being released to Manitok by the subscription receipt agent, Manitok intends to use the proceeds from the Private Placement in connection with general working capital purposes.
Completion of the Private Placement will be subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange. All of the securities issued in connection with the Private Placement are subject to a four-month hold period under applicable Canadian securities laws.
Manitok has also announces that it has completed its previously announced best-efforts private placement offering of (i) Common Shares issued at a price of $0.18 per Common Share, and (ii) Common Shares issued on a “flow-through” basis in respect of Canadian exploration expense under the Income Tax Act (Canada) at a price of $0.21 per Flow-through Share (the “Brokered Private Placement“). Final gross proceeds under the Brokered Private Place was $3.2 million.
About Manitok
Manitok is a public oil and gas exploration and development Corporation focusing on conventional oil and gas reservoirs in the Canadian foothills and southeast Alberta. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in both the foothills and southeast Alberta areas of the Western Canadian Sedimentary Basin.