Artumas Group plans private placement of shares

By Laura Lutz

Des Moines, March 29 - Artumas Group Inc. arranged a private placement of up to 2.108 million new shares.

The company will also sell up to 1.2 million shares borrowed from members of management.

The pricing and expected proceeds of the deal were not announced.

ABG Sundial Collier Norge ASA will act as lead manager with First Securities ASA as co-lead manager.

Settlement is expected on March 30.

Proceeds will be used for working capital and exploration and for seismic programs in the company's Mnazi Bay concession.

Artumas is an energy company based in Calgary, Alta. Its stock gained NOK 3.75 to close at NOK 68.75 on Thursday (Oslo: AGI).

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