CALGARY, AB–(Marketwired – December 24, 2015) – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQL.V) is pleased to announce the completion of its previously announced private placement. Due to oversubscription the Company issued a total of 2,824,967 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 $ 1,694,980. The Company paid finder’s fees to two registered brokers of an aggregate of $67,800 or approximately 4% of the gross proceeds of the private placement.
The shares issued will be subject to a four-month hold period, which expires on April 25, 2016. 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.
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.