Marksmen Energy raises $518,915 via private placement

Marksmen Energy closed a non-brokered private placement of 4,324,291 common shares at $0.12 each, raising gross proceeds of $518,915. Proceeds are earmarked for debt reduction, offering costs, working capital, Ohio well workovers, enhanced recovery, and infrastructure upgrades. Insiders bought 3,704,291 shares, representing 69.98% of the placement. J. David Clements raised his stake to 17.91%; John Niedermaier to 12.75%; Archie Nesbitt to 11.31%.