Artek Exploration Ltd. RTK
10/17/2012 4:52:49 PM
Artek Exploration Ltd. Announces $20.0 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwire - Oct. 17, 2012) -
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Artek Exploration Ltd. ("Artek" or the "Corporation") (TSX:RTK) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and including Cormark Securities Inc., Peters & Co. Ltd., Stifel Nicolaus Canada Inc. and FirstEnergy Capital Corp. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 3,509,000 common shares ("Common Shares") at a price of $2.85 per Common Share and 2,899,000 common shares on a flow-through basis ("Flow-Through Common Shares") at a price of $3.45 per Flow-Through Common Share for aggregate gross proceeds of approximately $20.0 million. In addition, the Underwriters have been granted an over-allotment option, exercisable for a period of 30 days following closing of the Offering, to purchase 351,000 Common Shares for additional gross proceeds of approximately $1.0 million.
Proceeds of the offering will initially be used to reduce bank indebtedness thereby freeing up additional borrowing capacity to fund a portion of the Corporation's ongoing capital program. The Flow-Through Common Share proceeds will be used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2012. |
