Non-brokered offering will fund drilling and completion expenditures
By Devika Patel
Knoxville, Tenn., March 16 – Kelt Exploration Ltd. said it completed a C$33.4 million non-brokered private placement of stock. The deal priced for C$28.38 million on Feb. 25 and was upsized on March 9 to C$33.4 million.
The company sold 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 ending on Feb. 24, the company said in a press release at pricing.
The company sold 581,400 shares in the final tranche for C$5 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$33.4 million
|
| Price: | C$8.60
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Upsized: | March 9
|
| Settlement date: | March 16 (for C$5 million)
|
| Stock symbol: | Toronto: KEL
|
| Stock price: | C$7.79 at close Feb. 24
|
| Market capitalization: | C$884.73 million
|
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