CALGARY, AB–(Marketwired – December 18, 2015) – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQL) (OTCQX: MQLXF) announces that it intends to complete a non-brokered private placement of up to 2,500,000 common shares in the capital of Marquee to be issued on a Canadian exploration expense (“CEE”) flow-through basis under the Income Tax Act (Canada) at a price of $0.60 per share for aggregate gross proceeds of up to $1.5 million. The shares will be subject to a four month hold period. The private placement is expected to close before year end.
The proceeds from the issuance of the shares will be used by Marquee to incur CEE expenses (the “Qualifying CEE Expenditures”) on Marquee’s existing Canadian properties at Michichi prior to December 31, 2016 and Marquee will renounce the Qualifying CEE Expenditures to purchasers of the shares for the fiscal year ended December 31, 2015.
Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.
Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return 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. The Company’s shares are traded on the Toronto Stock Exchange under the trading symbol “MQL.V” and on the OTCQX marketplace under the symbol “MQLXF”. An updated presentation and 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.