Finance & Investing | Private Equity | Capital Markets
Kicking Horse Energy Funds Exploration with Equity
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Kicking Horse Energy Inc. has announced that it intends to proceed with a non-brokered private placement of up to:
- (i) 1,283,334 common shares of the Company to be issued on a "flow-through" basis respecting the expenditure of Canadian exploration expenses pursuant to the provisions of the Income Tax Act (Canada) at an issue price of $3.00 per CEE Flow-Through Share; and
- (ii) 55,000 common shares of the Company to be issued on a "flow-through" basis respecting the expenditure of Canadian development expenses pursuant to the provisions of the Income Tax Act (Canada) at an issue price of $2.75 per CDE Flow-Through Share, for aggregate gross proceeds of up to approximately $4 million.
Proceeds of the Private Placement will be used to fund the Company's exploration and development program, including funding expenditures that qualify as Canadian exploration expenses and Canadian development expenses, as applicable, which will be renounced in favour of the subscribers of the CEE Flow-Through Shares and CDE Flow-Through Shares, as applicable, effective on or before December 31, 2015.
All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the closing date. The Private Placement is subject to approval of the TSX Venture Exchange.
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