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Kelt Exploration Ltd Announces $94.35 Million Equity Financing


Friday, 8 Mar 2013 08:20am EST 

Kelt Exploration Ltd announced a brokered and non-brokered equity financing for gross aggregate proceeds of $94.35 million. Kelt has entered into an agreement with a syndicate of underwriters led by Peters & Co. Limited, and including FirstEnergy Capital Corp., RBC Capital Markets, Scotia Capital Inc., CIBC World Markets Inc., Cormark Securities Inc., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., GMP Securities Inc., and Stifel Nicolaus Canada Inc., under which the Underwriters have agreed to purchase for resale to the public, on a bought deal private placement basis, 11.0 million common shares of Kelt at a price of $5.55per common share, resulting in gross proceeds of $61,050,000. In conjunction with the aforementioned brokered private placement, Kelt has agreed to issue to certain directors, officers and employees of the Company, on a non-brokered basis, an additional 6.0 million common shares at a price of $5.55 per common share, resulting in additional gross proceeds of $33,300,000. Net proceeds from these private placement equity offerings will initially be used to pay down any existing indebtedness, and thereafter to fund ongoing exploration and development activities, potential asset acquisitions and for general working capital purposes. 

Company Quote

7.19
-0.21 -2.84%
24 Dec 2014