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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (11957)	3/10/2015 8:40:26 AM
From: Goose94	Read Replies (1) \| Respond to of 202902

Kelt Exploration (KEL-T) March 9, '15 is pleased to announce that it has increased its previously announced non-brokered private placement of common shares, issued on a "flow-through" basis in respect of Canadian development expenses at a price of $8.60 per share, from $28.4 million to $33.4 million. Proceeds from the Private Placement will be used to partially finance the Company's drilling and completion expenditures during the remainder of 2015. Pursuant to the Private Placement, the Company has issued 3.3 million flow-through common shares for gross proceeds of $28.4 million. One million flow-through common shares were issued on February 27, 2015 and 2.3 million flow-through common shares were issued on March 6, 2015. In addition, the Company has received commitments from subscribers to purchase an additional 581,400 flow-through common shares for aggregate gross proceeds of $5.0 million, which is expected to close on or about March 16, 2015. Certain directors, officers and employees of the Company have been issued an aggregate of 1.7 million flow-through common shares for gross proceeds of $14.7 million representing approximately 44% of the aggregate issue. Kelt shall, pursuant to the provisions in the Income Tax Act (Canada), incur eligible Canadian development expenses (the "Qualifying Expenditures"), after the applicable closing date(s) and prior to December 31, 2015 in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of the flow-through common shares. Kelt shall renounce the Qualifying Expenditures so incurred to the purchasers of the flow-through common shares in an amount equal to $8.60 per share on or prior to December 31, 2015. The common shares issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the applicable date(s) of completion of the Private Placement, in accordance with applicable securities legislation. Closing of the remainder of the Private Placement is subject to certain conditions including normal regulatory approvals and specifically, the approval of the Toronto Stock Exchange. Pro-forma Debt After giving effect to the previously announced acquisition of Artek Exploration Ltd., which is expected to be completed on or around April 16, 2015 by way of a statutory plan of arrangement, and after giving effect to the Private Placement, Kelt's pro-forma bank debt, net of working capital at December 31, 2015 is estimated to be $198.0 million or 1.7 times estimated pro-forma 2015 funds from operations. About Kelt Kelt is a Calgary, Alberta, Canada-based oil and gas company focused on exploration, development and production of crude oil and natural gas resources, primarily in west central Alberta and northeastern British Columbia. For further information, please contact: Kelt Exploration Ltd. Suite 300, 311 - 6th Avenue SW Calgary, Alberta, Canada T2P 3H2 David J. Wilson President and Chief Executive Officer (403) 201-5340 or Sadiq H. Lalani Vice President Finance and Chief Financial Officer (403) 215-5310