By Devika Patel
Knoxville, Tenn., Aug. 11 - Artek Exploration Ltd. said it raised C$8.73 million through an oversubscribed non-brokered private placement of stock. The deal priced for C$8.63 million on July 21.
The company sold 7,594,940 common shares at C$1.15 per share. The price per share reflects an 8% discount to the July 20 closing share price of C$1.25.
Proceeds will be used for Artek's capital expenditure program and for general corporate purposes.
Artek is a Calgary, Alta.-based oil and gas explorer.
| Issuer: | Artek Exploration Ltd.
|
| Issue: | Common stock
|
| Amount: | C$8,734,181
|
| Shares: | 7,594,940
|
| Price: | C$1.15
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 11
|
| Stock symbol: | TSX Venture: RTK
|
| Stock price: | C$1.25 at close July 21
|
| Market capitalization: | C$33.13 million
|
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