CALGARY, ALBERTA–(Marketwired – Sept. 16, 2016) – Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) announces that it has filed a preliminary base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada for the offering of up to a cumulative amount of CDN$150,000,000 of common shares, preferred shares, debt securities, subscription receipts, warrants, units or any combination thereof (the “Securities“) over the 25-month period for which the final short form base prospectus remains valid. The specific terms of any Securities issued over the 25 month period will be described in prospectus supplements to be filed with the applicable securities regulatory authorities in Canada at the time of issuance.
No securities may be sold, nor may offers to buy, be accepted prior to the time at which a receipt for the final base shelf prospectus is obtained from applicable Canadian securities regulatory authorities. This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. This press release does not constitute an offer of securities for sale in the United States, and the securities referred to in this press release may not be offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an applicable exemption from registration under the U.S. Securities Act and applicable state securities laws.
Manitok has issued incentive stock options (“Options“) under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 1,491,100 common shares (“Common Shares“) of the Corporation at an exercise price of $0.16. The 741,100 Options granted to the directors are in lieu of cash fees payable by the Corporation to such directors during the period of July 1 to December 31, 2016. The 750,000 Options issued to officers were issued to two recently appointed officers of the Corporation.
All of such Options are exercisable for a period of five years and 33 1/3% of the Options will vest one year after the date of the grant of such Options and the remainder will vest 33 1/3% per year thereafter.
Upon the granting of the Options described above, Manitok will have approximately 16,837,650 Options outstanding, which represents about 7.4% of the issued and outstanding Common Shares.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in southeast Alberta and the Canadian foothills. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in both the southeast Alberta and foothills areas of the Western Canadian Sedimentary Basin.