Arsenal Energy (AEI-T) June 11, '14 has upsized the previously announced bought-deal financing with Acumen Capital Finance Partners Ltd. as lead underwriter on behalf of a syndicate of underwriters including National Bank Financial Inc., Industrial Alliances Securities Inc. and PI Financial Corp.
Under the terms of the agreement, Arsenal will now issue 695,200 common shares to be issued on a flow-through (FT) basis, pursuant to the Income Tax Act (Canada) in respect of Canadian exploration expenses (CEE) at a price of $9.35 per CEE FT share for gross proceeds of $6,500,120. The underwriters have been granted an option by the corporation to acquire up to an additional 104,200 CEE FT shares at the offering price. The overallotment option is exercisable in whole or in part for a period of 30 days from closing of the offering.
The financing is expected to close on or about July 3, 2014, and is subject to approval of the Toronto Stock Exchange, receipt of all necessary regulatory approvals and other customary conditions.
The gross proceeds from the sale of the CEE FT shares will be used to incur Canadian exploration expenses for the purposes of the Income Tax Act, and such CEE will be renounced to subscribers for the 2014 tax year. |
