Artisan Energy Corporation

Artisan Energy Corporation

August 28, 2013 08:00 ET

Artisan Energy Completes Initial Closings of Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2013) - Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC) is pleased to announce that it has completed a first closing of a previously announced non- brokered private placement (the "Private Placement").

Artisan issued 5,000,000 common shares at a price of $0.40 per common share for aggregate proceeds of $2,000,000. Such shares are subject to a four month hold period that expires on December 24, 2013. In connection with the first closing, Artisan paid a finder's fee of $130,000 representing 6.5% of the aggregate subscriptions secured by an eligible finder.

A second tranche of 439,348 flow-through common shares at a price of $0.46 and 125,000 common shares at a price of $0.40 were issued to Insiders and close associates for aggregate proceeds of $252,100 and such shares are subject to a four month hold period that expires on December 28, 2013.

The proceeds of the Private Placement will be used for general working capital purposes and the drilling of the fourth horizontal Belly River oil well at the Corporation's Ferrybank property in Central Alberta.

It is currently anticipated that there will be an additional closing of the Private Placement on September 13, 2013. The additional closing of the Private Placement is subject to receipt of all regulatory approvals.


This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws relating to the anticipated participation of insiders and indication of a lead order and the Private Placement, including statements regarding terms, timing, completion of the Private Placement and use of proceeds of the Private Placement. Readers are cautioned to not place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the a second closing of the Private Placement will not be completed. The statements in this press release are made as of the date of this release. Artisan undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Artisan or their respective financial or operating results or (as applicable), their securities, except as otherwise required by applicable securities law.

Neither 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 news release.

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