Manitok Energy Inc. has closed the first tranche of its previously announced best-efforts private placement offering of common shares (the "Common Shares") in the capital of Manitok issued at a price of $0.13 per Common Share and Common Shares ("Flow-through Shares" and together with the Common Shares, the "Offered Shares") issued on a "flow-through" basis in respect of Canadian exploration expense under the Income Tax Act (Canada) at a price of $0.15 per Flow-through Share (the "Brokered Private Placement").

In connection with the Brokered Private Placement, Manitok has entered into an agency agreement dated effective as of December 22, 2015 with a syndicate of agents (the "Agents") co-led by Integral Capital Markets, a division of Integral Wealth Securities Limited and GMP Securities L.P., with a syndicate including Dundee Securities Inc., National Bank Financial Inc. and Canaccord Genuity Group Inc., whereby Manitok has agreed to pay the Agents a fee equal to: (a) 2.5% of the aggregate gross proceeds received from certain existing shareholders; (b) 6.0% of the aggregate proceeds received from new investors and retail investors; plus (c) that number of broker warrants equal to 2.0% of the total number of Offered Shares sold under the Brokered Private Placement.

Tags: Manitok Energy Inc.