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Artek Exploration Ltd. ("Artek" or the "Corporation") (TSX:RTK) is pleased to announce the closing of its recently announced bought deal financing for aggregate gross proceeds of approximately $17.1 million. An aggregate of 4,242,000 common shares of the Corporation were issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) comprised of: (i) 3,800,000 common shares issued in respect of Canadian exploration expenses ("CEE Flow-Through Shares") at a price of $4.08 per CEE Flow-Through Share; and (ii) 442,000 common shares issued on a flow-through basis in respect of Canadian development expenses ("CDE Flow-Through Shares") at a price of $3.62 per CDE Flow-Through Share. The financing was underwritten by a syndicate of underwriters co-led by Peters & Co. Limited and National Bank Financial Inc., and including Cormark Securities Inc., GMP Securities L.P., FirstEnergy Capital Corp., Clarus Securities Inc. and Macquarie Capital Markets Canada Ltd.
The net proceeds of the financing will initially be used to reduce bank indebtedness thereby freeing up additional borrowing capacity to fund eligible expenditures that will be renounced to subscribers effective on or before December 31, 2013.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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CALGARY, ALBERTA--(Marketwired - Nov. 28, 2013) -
