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Artek Exploration Ltd announces $38 mln bought deal financing

Tuesday, 13 May 2014 08:33am EDT 

Artek Exploration Ltd:Entered into agreement with syndicate of underwriters led by Peters & Co. Ltd and including Cormark Securities Inc., National Bank Financial Inc., Clarus Securities Inc., GMP Securities L.P., Raymond James Ltd., FirstEnergy Capital Corp. and Dundee Securities Ltd.Agreement pursuant to which underwriters have agreed to purchase, on bought deal basis 7,318,000 common shares at price of $4.10 per common share.Says 1,590,000 common shares to be issued on flow-through basis in respect of Canadian exploration expenses at price of $5.04 per flow-through share.Says aggregate gross proceeds to Corp of about $38 mln.Fund used to reduce bank indebtedness thereby freeing up additional borrowing capacity which is expected to be used to partially fund the Corporation's ongoing capital expenditure program.Closing of offering is expected to occur on or about June 3. 

Company Quote

0.04 +1.44%
4:00pm EST