CALGARY, ALBERTA--(Marketwired - May 14, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Marsa Energy Inc. ("Marsa" or the "Company") (TSX VENTURE:MEP) is announcing that it intends to raise up to $2,500,000 by way of a non-brokered private placement (the "Offering") of common shares ("Common Shares") of the Company at a price of $0.25 per Common Share. Depending on market conditions, the Company reserves the right to increase the maximum gross proceeds under the Offering, subject to approval of the TSX Venture Exchange ("TSX Venture").
Marsa intends to use the net proceeds of the Offering to advance exploration licence conversion into production leases in Turkey and for general working capital purposes.
The Offering is expected to close on or about May 22, 2015, and is subject to the approval of the TSX Venture. All securities issued in connection with the Offering will be subject to a hold period of four months from the date of closing.
About Marsa
Marsa (www.marsaenergy.com) is an international energy company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's 100 percent working interest property is located on the Gallipoli Peninsula in the Republic or Turkey and is held through its wholly owned subsidiary, Marsa Turkey BV.
Marsa is headquartered in Calgary, Alberta, Canada and is publicly traded on the TSX Venture.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements, including without limitation, statements pertaining to the closing of the Offering including Marsa's ability to obtain necessary approvals from the TSX Venture Exchange. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Marsa cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Marsa's control. Such factors include, among other things: risks and uncertainties relating to market conditions and satisfaction of customary closing conditions related to the Offering. 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 the Marsa's disclosure documents on the SEDAR website at www.sedar.com. Marsa does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.