Atikwa Resources Inc.
TSX VENTURE : ATK

December 01, 2009 14:39 ET

Atikwa Resources Inc. Closes Financing With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Dec. 1, 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) is pleased to announce a non-brokered private placement of $500,000.00 through the sale of 6,666,666 flow-through units ("FT Units") to the MineralFields Group at a price of $0.075 per FT Unit. Each FT Unit will consist of one flow-through common share of the Company and one non-flow-through common share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to acquire one common share at an exercise price of $0.10 for a period of 12 months from closing. Atikwa will issue a finder's fee of 6.5% of the aggregate gross proceeds to the Company in connection with the private placement.

"We are very pleased to be entering into this relationship with MineralFields Group", said Sean Kehoe, President and CEO. "This is an important milestone in the growth of Atikwa Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings." In conjunction with the development of the Company's holdings, Atikwa is also preparing to do a second larger flow-through financing, to be announced shortly, for aggregate proceeds of up to approximately $5 million on similar terms to the MineralFields financing.

Pathway Asset Management and EnergyFields (affiliated with MineralFields Group), based in Toronto, Calgary and Vancouver, offer Canadian oil and gas tax-advantaged flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about Pathway Asset Management is available at www.pathwayam.com and EnergyFields Group is available at www.energyfields.ca. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

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

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and, until, so registered, may not be offered or sold in the United States or any state or to, for the account of, U.S. persons absent registration or an applicable exemption from the registration requirements. This release does not constitute an offer in the United States.

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 Minerals Corporation
    Sean Kehoe
    President and CEO
    (403) 233-6073