Exploration & Production | Finance & Investing | Capital Markets
Arsenal Energy Raises $9MM for Exploration
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Arsenal Energy Inc. has announced it has closed its previously announced bought deal financing of 912,950 common shares on a “flow-through share” basis at a price of $9.95 per flow-through share, which includes the exercise under the over-allotment option of 113,050 Flow-Through Shares, for aggregate gross proceeds of $9,083,852.50.
The Financing was led by Paradigm Capital Inc., on behalf of a syndicate of underwriters including Acumen Capital Finance Partners Limited, National Bank Financial Inc. and Industrial Alliance Securities Inc.
The proceeds from the sale of the Flow-Through Shares will be used to incur Canadian exploration expenses for the purposes of the Income Tax Act (Canada) and such CEE will be renounced to subscribers for the 2014 tax year.
Arsenal is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and oil reserves primarily in Alberta and North Dakota, U.S.A. Arsenal’s common shares trade on the Toronto Stock Exchange under the symbol “AEI”. Arsenal now has 17,877,272 common shares outstanding.
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