Artek Exploration Ltd.
TSX : RTK

Artek Exploration Ltd.

December 15, 2011 08:43 ET

Artek Exploration Ltd. Announces Closing of Bought Deal Equity Financing

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Artek Exploration Ltd. ("Artek" or the "Corporation") (TSX:RTK) is pleased to announce the closing of its recently announced bought deal private placement financing of 3,850,000 common shares issued on a flow-through basis ("Flow-Through Common Shares") at a price of $2.80 per Flow-Through Common Share for aggregate gross proceeds of approximately $10.8 million. The financing was conducted through a syndicate of underwriters led by National Bank Financial Inc. and which included Cormark Securities Inc., FirstEnergy Capital Corp., Stifel Nicolaus Canada Inc. and Peters & Co. Limited.

Gross proceeds from the sale of the Flow-Through Common Shares will be used to fund ongoing exploration activities eligible for Canadian exploration expenses. The eligible exploration expenses will be renounced in favour of subscribers effective on or before December 31, 2011.

The Flow-Through Common Shares issued pursuant to the private placement are subject to a four month hold under applicable securities laws, expiring April 16, 2012.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Artek in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person absent registration or an applicable exemption from the registration requirements of such Act or laws.

Contact Information

  • Artek Exploration Ltd.
    Darryl Metcalfe
    President & Chief Executive Officer
    (403) 296-4799

    Artek Exploration Ltd.
    Darcy Anderson
    Vice-President Finance & Chief Financial Officer
    (403) 296-4775