January 21, 2016, Calgary, Alberta – Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSX-V: MEI) is pleased to provide an update in connection with its best-efforts private placement offering with a minimum of $10,000,000 and a maximum of $20,000,000 (the “Offering“). Manitok anticipates that it will close its second tranche of the Offering on or about January 26, 2016.
Upon completing the second tranche of the Offering, Manitok’s credit facility will be revised to $60 million in January 2016. The previously reported $10 million payment in March 2016 and $20 million payment in May 2016 will no longer be required. The credit facility will be up for a customary review in June 2016.
Completion of the Offering will be subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange, Manitok obtaining from its lender, approval for certain amendments to its existing credit facility, including certain extension and reduction in the existing principal repayment schedule. All of the securities issued in connection with the Offering will be subject to a four-month hold period under applicable Canadian securities laws.
For further details on the Offering please refer to Manitok’s press releases dated December 17, 2015 and December 31, 2015, available under Manitok’s SEDAR profile at www.sedar.com or under Manitok’s website at www.manitokenergy.com.
Manitok is a public oil and gas exploration and development Corporation focusing on conventional oil and gas reservoirs in the Canadian foothills and southeast Alberta. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in both the foothills and southeast Alberta areas of the Western Canadian Sedimentary Basin.