Brokered deal led by Peters; company also will sell shares to insiders
By Susanna Moon
Chicago, March 11 - Kelt Exploration Ltd. said it lined up brokered and non-brokered equity financing for total proceeds of C$94.35 million. In both placements, the company will sell the shares at $5.55 each, which is a 3.31% discount to the company's closing price on March 7.
The brokered placement for C$61.05 million will be led by Peters & Co. Ltd.
In the non-brokered sale, the company will raise C$33.3 million from the sale of 6 million shares to directors, officers and employees of the company.
Proceeds will be used to pay down debt and to fund ongoing exploration and development activities, for potential asset acquisitions and for general working capital purposes.
Kelt is a Calgary, Alta.-based oil and gas company focused on exploration, development and production of crude oil and natural gas resources.
| Issuer: | Kelt Exploration Ltd.
|
| Issue: | Stock placement
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| Amount: | C$94.35 million
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| Price: | C$5.55
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| Warrants: | No
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| Announcement date: | March 8
|
| Settlement date: | April 5
|
| Stock symbol: | Toronto: KEL
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| Stock price: | C$5.74 at close March 7
|
| Market capitalization: | C$385.3 million
|
|
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| Brokered placement
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| Amount: | C$61.05 million
|
| Shares: | 11 million
|
| Underwriters: | Peters & Co. Ltd. (lead); FirstEnergy Capital Corp., RBC Capital Markets, Scotia Capital Inc., CIBC World Markets Inc., Cormark Securities Inc., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., GMP Securities Inc. and Stifel Nicolaus Canada Inc.
|
|
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| Non-brokered deal
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| Amount: | C$33.3 million
|
| Shares: | 6 million
|
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