Arcan Resources Ltd.
TSX VENTURE : ARN

Arcan Resources Ltd.

October 29, 2009 09:24 ET

Arcan Resources Ltd. Completes $11.25 Million Public Offering

CALGARY, ALBERTA--(Marketwire - Oct. 29, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Arcan Resources Ltd. ("Arcan") (TSX VENTURE:ARN) is pleased to announce that it has completed its previously announced bought deal prospectus offering (the "Offering"). At closing today, 9,000,000 common shares of Arcan were issued at a price of $1.25 per common share for aggregate gross proceeds to Arcan of $11,250,000. The syndicate of underwriters was led by Wellington West Capital Markets Inc. and included FirstEnergy Capital Corp., Haywood Securities Inc., Paradigm Capital Inc. and PI Financial Corp.

Arcan intends to use the proceeds of the Offering to finance its ongoing exploration and development activities and for general corporate purposes.

About Arcan

Arcan is a junior oil and gas company with a focused asset base in the Western Canadian Sedimentary Basin. Arcan's properties provide high-netback production and substantial exploration and development growth opportunities.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Arcan Resources Ltd.
    Ed Gilmet
    President and Chief Executive Officer
    (403) 262-0321
    or
    Arcan Resources Ltd.
    Douglas Penner
    Vice President, Finance and Chief Financial Officer
    (403) 262-0321
    or
    Arcan Resources Ltd.
    Suite 3200, 450 - 1st Street SW
    Calgary, Alberta T2P 5H1
    info@arcanres.com
    www.arcanres.com