Shares sold at 33.33% discount to July 17 closing share price
By Angela McDaniels
Tacoma, Wash., Aug. 31 – Artisan Energy Corp. raised C$374,400 in the first tranche of its C$2 million private placement of stock. The company sold 3,744,000 common shares in the first tranche and will sell 20 million shares in total.
Richardson GMP Ltd. is the agent for the deal, which priced on July 20.
The price is C$0.10 per share, which is a 33.33% discount to the July 17 closing share price of C$0.15.
The company expects to close the remaining C$1.63 million of the placement in September.
The company amended the terms of the placement on Aug. 10. Before the amendment, it planned to sell 13,333,333 common shares at C$0.15 per share.
Proceeds will be used to repay Artisan's mezzanine loan facility and for general working capital purposes.
The oil and gas explorer is based in Calgary, Alta.
| Issuer: | Artisan Energy Corp.
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| Issue: | Common shares
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| Amount: | C$2 million
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| Shares: | 20 million
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| Price: | C$0.10
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| Warrants: | No
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| Agent: | Richardson GMP Ltd.
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| Pricing date: | July 20
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| Amended: | Aug. 10
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| Settlement date: | Aug. 31 (for C$374,400)
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| Stock symbol: | TSX Venture: AEC
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| Stock price: | C$0.15 at close July 17
|
| Market capitalization: | C$6.53 million
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