New Issue: Arsenal Energy raises C$781,475 in final tranche of upsized C$4.17 million stock sale

By Devika Patel

Knoxville, Tenn., Dec. 21 - Arsenal Energy Inc. said it took in C$781,475.98 in the third and final tranche of a private placement of shares, which it also increased to C$4,174,240.48 from C$4 million.

It raised C$1,395,469.97 in the first tranche of the deal, which priced on Nov. 21, and C$1,997,294.53 in the second tranche on Dec. 14, which was to have been the last tranche.

The company sold 1,817,386 flow-through common shares in this tranche at C$0.43 apiece. It sold 3,245,279 shares in the first tranche on Nov. 30 and 4,644,871 shares in the second tranche, bringing the total number of shares sold to 9,707,536. It originally intended to sell up to 9,302,326 shares at that price.

Emerging Equities Inc. was the agent and was paid a cash commission.

Proceeds will be used for exploration.

Calgary, Alta.-based Arsenal is an oil and natural gas exploration company.

Issuer:	Arsenal Energy Inc.
Issue:	Flow-through common shares
Amount:	C$4,174,240.48
Shares:	9,707,536
Price:	C$0.43
Warrants:	No
Agent:	Emerging Equities Inc.
Pricing date:	Nov. 21
Settlement date:	Nov. 30 (for C$1,395,469.97), Dec. 14 (for C$$1,997,294.53), Dec. 21 (for C$781,475.98)
Stock symbol:	Toronto: AEI
Stock price:	C$0.37 at close Nov. 20

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