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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Thomson Reuters Stock Report

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Artek Exploration Ltd Announces Increase To Bought Deal Financing From $20.0 Million To $24.0 Million

Thursday, 18 Oct 2012 09:40am EDT 

Artek Exploration Ltd announced that, in connection with its previously announced offering of common shares ("Common Shares") and common shares on a flow-through basis ("Flow-Through Common Shares"), the Corporation and the syndicate of underwriters led by National Bank Financial Inc., and including Cormark Securities Inc., Peters & Co. Ltd., FirstEnergy Capital Corp. and Stifel Nicolaus Canada Inc. have agreed to increase the size of the Offering to an aggregate of 4,562,000 Common Shares at a price of $2.85 per Common Share, and an aggregate of 3,189,000 Flow-Through Common Shares at a price of $3.45 for aggregate gross proceeds of approximately $24.0 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 up to an additional 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. Closing is expected to occur on or about November 9, 2012. 

Company Quote

-0.07 -2.50%
1 Oct 2014