Atikwa Resources Inc.
TSX VENTURE : ATK

December 09, 2009 14:36 ET

Atikwa Resources Inc. Announces Proposed Equity Financing

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2009) –

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) announced today that in addition to the previously announced flow-through financing (see the Company's News Release dated December 7, 2009) its board of directors has approved an equity financing of up to $5,000,000 (the "Offering"), through the issuance of up to 83,333,333 common shares at a price of $0.06 per common share. 

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

Subject to regulatory approval, the Company intends to retain one or more agents in connection with the Offering, and to pay sales commission or corporate finance fee of up to 8% of aggregate gross proceeds. All securities issued pursuant to the Offering will be subject to a four month hold period commencing on the applicable closing date.

Net proceeds from the proposed Offering will be used to fund development drilling in the Company's two core light oil resource plays in addition to land acquisitions, potential corporate acquisitions and for general corporate purposes.

This news release contains forward‐looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward‐looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production,
operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward‐looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and you should not unduly rely on forward‐looking statements. The forward‐looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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

  • Atikwa Resources Inc.
    Sean Kehoe
    President and CEO
    (403) 233-6073