Proceeds of non-brokered deal used to reduce debt and advance projects
By Devika Patel
Knoxville, Tenn., Oct. 1 – Artisan Energy Corp. said it will conduct a C$2 million non-brokered private placement of units.
The company will sell 8 million units of one common share and one warrant at C$0.25 per unit.
Each one-year warrant will be exercisable at C$0.30, a 30.44% premium to the Sept. 30 closing share price of C$0.23.
Settlement is expected Nov. 14.
Artisan Energy also said it has signed a letter of intent to acquire private oil and gas companies MOGL Corp. and Spur Energy Corp. for 10.81 million units.
Proceeds will be used to reduce debt and advance Artisan’s projects.
The oil and gas explorer is based in Calgary, Alta.
| Issuer: | Artisan Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 8 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 1
|
| Settlement date: | Nov. 14
|
| Stock symbol: | TSX Venture: PIT
|
| Stock price: | C$0.23 at close Sept. 30
|
| Market capitalization: | C$16.08 million
|
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