Marksmen Energy Inc. ("Marksmen" or the "Company") announces that it has completed the second closing of its previously announced non-brokered private placement of units (the "Units") of Marksmen (the "Offering"). The Company issued 3,150,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $157,500, bringing the aggregate total raised to date under the Offering to $321,000. Each Unit is comprised of one (1) common share ("Common Share") and one (1) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.075 per share expiring two (2) years from the date of issuance.

Marksmen paid no cash commissions pursuant to the second closing of the Offering.
Marksmen intends to use the gross proceeds from the second closing of the Offering to pay $135,000 toward the recompletion of a well targeting the Clinton Sandstone formation in Portage County, Ohio, and the remaining $ 22,500 as working capital.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The securities issued are subject to a four month hold period from the date of issuance.

The Company intends to complete a third and final closing no later than August 13, 2020.