Atikwa Resources Inc.

October 06, 2010 19:36 ET

Atikwa Resources Inc. Announces Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 6, 2010) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) has entered into a non-brokered private placement of up to 13,333,333 units (each a "Unit"), on a bought deal basis, of the Company at a price of $0.075 per Unit for aggregate gross proceeds to the Company of up to $1,000,000.00. The proceeds of the offering are intended to be used to fund the drilling of new locations on the Company's light oil Spearfish play in Manitoba. 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. Each 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 twelve months from closing. 

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. 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.

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