Published on 3/25/2014 in the Prospect News PIPE Daily.
Kelt Exploration concludes C$146.99 million private placement of stock
C$14.79 million greenshoe fully exercised, two types of shares sold
By Devika Patel
Knoxville, Tenn., March 25 - Kelt Exploration Ltd. said it settled a C$146.99 million private placement of stock.
The company sold 9,775,000 common shares at C$11.60 apiece, a 6.07% discount to the March 24 closing share price of C$12.35. It also sold 2,635,000 flow-through common shares at C$12.75 apiece, a 3.24% premium to the March 24 closing share price.
Of the common shares, 1,275,000 were part of a fully exercised greenshoe.
The deal was conducted on a non-brokered basis, for C$14.09 million of the flow-through shares, and on a bought-deal basis by a syndicate of underwriters led by Peters & Co. Ltd. and including FirstEnergy Capital Corp., RBC Capital Markets, National Bank Financial Inc., CIBC World Markets Inc., GMP Securities LP, Scotia Capital Inc., AltaCorp Capital Inc., Dundee Securities Ltd., Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd.
Proceeds will be used for Kelt's 2014 capital expenditure programs and 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: | Common shares, flow-through common shares
|
| Amount: | C$146,986,250 (including C$14.79 million greenshoe)
|
| Warrants: | No
|
| Underwriters: | Peters & Co. Ltd. (lead), FirstEnergy Capital Corp., RBC Capital Markets, National Bank Financial Inc., CIBC World Markets Inc., GMP Securities LP, Scotia Capital Inc., AltaCorp Capital Inc., Dundee Securities Ltd., Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd., non-brokered (for C$14,088,750 of flow-through shares)
|
| Settlement date: | March 25
|
| Stock symbol: | Toronto: KEL
|
| Stock price: | C$12.35 at close March 24
|
| Market capitalization: | C$1.41 billion
|
|
|
| Common stock
|
| Amount: | C$113.39 million (including C$14.79 million greenshoe)
|
| Shares: | 9,775,000
|
| Price: | C$11.60
|
|
|
| Flow-through stock
|
| Amount: | C$33,596,250
|
| Shares: | 2,635,000
|
| Price: | C$12.75
|
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