Offering proceeds used for drilling; MGI Securities Inc. is the agent
By Devika Patel
Knoxville, Tenn., Aug. 25 - Atikwa Resources Inc. said it plans a C$3.5 million private placement of units. MGI Securities Inc. is the agent.
The company will sell units of one common share and a warrant at C$0.06 per unit and flow-through units of one flow-through common share and a half-share warrant at C$0.07 per unit.
Each warrant will be exercisable at C$0.10 for one year. The strike price reflects an 81.82% premium to the Aug. 24 closing share price of C$0.055.
Proceeds will be used for development drilling at the company's light oil Spearfish play in the Pierson area of Manitoba and at its light oil Bakken play in Roncott, Sask. The proceeds will also be used for the next phase of drilling at the company's natural gas discovery in the Porcupine Hills of Alberta and development of the company's Windfall, Alta., property.
The oil company is based in Calgary, Alta.
| Issuer: | Atikwa Resources Inc.
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| Issue: | Units of one common share and a warrant, flow-through units of one flow-through common share and a half-share warrant
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| Amount: | C$3.5 million
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.10
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| Agent: | MGI Securities Inc.
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| Pricing date: | Aug. 25
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| Stock symbol: | TSX Venture: ATK
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| Stock price: | C$0.055 at close Aug. 24
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| Market capitalization: | C$13.53 million
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| Units
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| Price: | C$0.06
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| Warrants: | One warrant per unit
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| Flow-through units
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| Price: | C$0.07
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| Warrants: | One half-share warrant per unit
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