CALGARY, ALBERTA – Marksmen Energy Inc. (“Marksmen” or the “Company”) announces that an early warning report has been filed by Glenn Walsh, an insider of the Company. On December 30, 2021, Mr. Walsh exercised 800,000 share purchase warrants of the Issuer (the “Warrants”) held indirectly through his wholly owned company, Conex Services Inc. (“Conex”), resulting in the disposition of 800,000 Warrants and the acquisition of 800,000 common shares of the Company (the “Common Shares”). Mr. Walsh previously filed an early warning report on May 9, 2016, and the exercise of the Warrants, combined with an increase in the issued and outstanding securities of the Company, resulted in a decrease to his diluted holdings of 3.80% which triggered the requirement to file the report.
As at the date of Mr. Walsh’s previously filed early warning report of May 9, 2016, Mr. Walsh held, directly and indirectly, 16.73% of the issued and outstanding Common Shares on an undiluted basis (21.35% on a diluted basis). Prior to the exercise of the 800,000 Warrants by Mr. Walsh, he held, directly and indirectly, 17.58% of the issued and outstanding Common Shares on an undiluted basis (20.22% on a diluted basis). Following the exercise of the 800,000 Warrants, Mr. Walsh holds, directly and indirectly, 15.61% of the outstanding Common Shares on an undiluted basis (17.55% on a diluted basis).
Immediately after the transaction that triggered the requirement to file the report, Mr. Walsh held, directly and indirectly, 25,452,167 Common Shares representing 15.61% of the issued and outstanding Common Shares and 3,842,500 Warrants (29,294,667 Common Shares representing 17.55% of the issued and outstanding Commons Shares assuming the exercise of the Warrants).
Mr. Walsh intends to increase or decrease his holdings in the Company depending on market conditions and as circumstances warrant.
A report respecting this acquisition has been filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and is available for viewing on the Company’s profile at www.sedar.com.
For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to Mr. Walsh’s intentions. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen’s disclosure documents on the SEDAR website at www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.