Opérations et transactions|28 mars 2013
Cormark Securities and the syndicate of underwriters in Artek Exploration's C$39 million bought deal offering
Torys acted as counsel to the underwriters with a team that included Scott Cochlan, Yvan Moquin (corporate/securities) and Craig Maurice (tax).
On March 28, 2013, Artek Exploration Ltd. (Artek) announced the closing of its previously announced bought deal financing that was expanded for aggregate gross proceeds of approximately $39 million. An aggregate of 8,700,000 common shares of the Corporation were issued at a price of C$3.45 per common share and 2,150,000 common shares of the Corporation were issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) at a price of C$4.20 per flow-through common share. The financing was led by Cormark Securities Inc. and included Peters & Co. Limited, National Bank Financial Inc., Stifel Nicolaus Canada Inc., Clarus Securities Inc., GMP Securities L.P., FirstEnergy Capital Corp. and Macquarie Capital Markets Canada Ltd.
Net proceeds of the financing will initially be used to reduce indebtedness thereby freeing up additional borrowing capacity to fund a portion of the Corporation's ongoing capital program, with the proceeds from the sale of the flow-through common shares used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2013.
Artek Exploration Ltd. is a junior oil and gas exploration and production company based in Calgary, Alberta that commenced operations in February 2005 as a private company.
Further information can be found on Artek's website.
Net proceeds of the financing will initially be used to reduce indebtedness thereby freeing up additional borrowing capacity to fund a portion of the Corporation's ongoing capital program, with the proceeds from the sale of the flow-through common shares used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2013.
Artek Exploration Ltd. is a junior oil and gas exploration and production company based in Calgary, Alberta that commenced operations in February 2005 as a private company.
Further information can be found on Artek's website.