CALGARY, AB–(Marketwired – December 14, 2016) – Marquee Energy Ltd. (“Marquee” or the “Corporation”) (TSX VENTURE: MQX) is pleased to announce that it has entered into a bought deal financing agreement, on a private placement basis, with Acumen Capital Finance Partners Limited (the “Underwriter”), pursuant to which the Underwriter has agreed to purchase 14,705,883 flow-through common shares under the Income Tax Act (Canada) with respect to Canadian exploration expenses of the Corporation (the “CEE FT Shares”) for a price of $0.17 per CEE FT Share for gross proceeds of approximately $2.5 million (the “Offering”). The Underwriter was also granted an option, exercisable in whole or in part up to the closing of the Offering, at the sole discretion of the Underwriter, to purchase up to an additional 2,205,882 CEE FT Shares at a price of $0.17 per CEE FT Share, for additional gross proceeds of approximately $375,000.
The gross proceeds from the Offering will be used by Marquee to incur eligible Canadian exploration expenses (“Qualifying Expenditures”) prior to December 31, 2017. Marquee will renounce the Qualifying Expenditures to subscribers of the CEE FT Shares for the fiscal year ended December 31, 2016.
The completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange. Closing of the Offering is expected to occur on or about December 29, 2016. The CEE FT Shares issued pursuant to the Offering will be subject to a statutory hold period of four months plus one day from the closing of the Offering, in accordance with applicable securities legislation.
Marquee is a Calgary based, junior energy company focused on high rate of return light oil development and production. Marquee is committed to growing the company through exploitation of existing opportunities and continued consolidation within its core area at Michichi. Marquee’s shares trade on the TSX Venture Exchange under the trading symbol “MQX”. Additional information about Marquee may be found on its website www.marquee-energy.com and in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.