05:26 PM EDT, 04/24/2024 (MT Newswires) -- Marksmen Energy Inc. ( MKSEF ) announced Wednesday that it has terminated its previously announced non-brokered private placement of up to 10 million units of Marksmen at a price of $0.025 per unit for aggregate gross proceeds of up to a maximum of $250,000, and that it now intends to complete a non-brokered private placement of up to 20 million units of Marksmen at a price of $0.015 per Unit for aggregate gross proceeds of up to a maximum of $300,000.

There is no minimum offering, a statement said.

According to Wednesday's statement, the Units will be comprised of one common share and one share purchase warrant of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.05 expiring two years from the date of the closing of the Offering.

The Warrants will include an acceleration provision whereby if the company's Common Shares trade at a price greater than $0.10 for a period of 20 consecutive trading days, Marksmen may accelerate the expiry of the Warrants.