Non-brokered offering will fund drilling and completion expenditures
By Devika Patel
Knoxville, Tenn., Feb. 25 – Kelt Exploration Ltd. said it plans a C$28.38 million non-brokered private placement of stock.
The company will sell 3.3 million flow-through common shares at C$8.60 each. The price per share represents a 10.4% premium to the Feb. 24 closing share price of C$7.79 and is also a 9.97% premium to C$7.82, the volume weighted average trading price of the shares for the three trading days ended Feb. 24, the company said in a press release.
Insiders plan to invest C$14.62 million.
Proceeds will be used for drilling and completion expenditures.
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: | Flow-through common stock
|
| Amount: | C$28.38 million
|
| Shares: | 3.3 million
|
| Price: | C$8.60
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Stock symbol: | Toronto: KEL
|
| Stock price: | C$7.79 at close Feb. 24
|
| Market capitalization: | C$975.82 million
|
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