Non-brokered deal funds general working capital purposes and drilling
By Devika Patel
Knoxville, Tenn., Aug. 28 - Artisan Energy Corp. said it raised C$2.25 million in the first tranche of a non-brokered private placement of stock.
The company sold 439,348 flow-through common shares at C$0.46 apiece and 5,125,000 common shares at C$0.40 apiece. The prices per share are 17.95% and 2.56% premiums to C$0.39, the Aug. 27 closing share price.
Settlement of a second tranche is expected Sept. 13.
Proceeds will be used for general working capital purposes and the drilling of the fourth horizontal Belly River oil well at the Ferrybank property.
The oil and gas explorer is based in Calgary, Alta.
| Issuer: | Artisan Energy Corp.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$2,252,100
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Aug. 28, Sept. 13
|
| Stock symbol: | TSX Venture: AEC
|
| Stock price: | C$0.39 at close Aug. 27
|
| Market capitalization: | C$22.63 million
|
|
|
| Flow-through stock
|
| Amount: | C$202,100
|
| Shares: | 439,348
|
| Price: | C$0.46
|
|
|
| Common stock
|
| Amount: | C$2.05 million
|
| Shares: | 5,125,000
|
| Price: | C$0.40
|
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