Finance & Investing | Capital Markets
Kicking Horse Energy Issues Equity to Fund Drilling Program
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Kicking Horse Energy Inc. has announced that it has closed its previously announced non-brokered private placement.
The Company issued an aggregate of: (i) 1,283,100 common shares of the Company 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 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 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 are subject to a four-month hold period under applicable securities laws, which hold period expires on December 25, 2015.
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