Business
Kelt Exploration Ltd. closes $111.6 million equity financing including full exercise of the over-allotment option
CALGARY , Aug. 27, 2013 /CNW/ - ("KEL" - TSX) - Kelt Exploration Ltd. (" Kelt " or the "...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 27, 2013 /CNW/ - (\"KEL\" - TSX) - Kelt Exploration Ltd. (\"Kelt\" or the \"Company\") is pleased to announce that it has completed a bought deal private\n placement offering (the \"Offering\") with a syndicate of underwriters led by Peters & Co. Limited and\n including FirstEnergy Capital Corp., CIBC World Markets Inc., Dundee\n Securities Ltd., RBC Dominion Securities Inc., GMP Securities L.P.,\n Stifel Nicolaus Canada Inc., Macquarie Capital Markets Canada Ltd.,\n National Bank Financial Inc., Cormark Securities Inc., Scotia Capital\n Inc., AltaCorp Capital Inc. and Paradigm Capital Inc. pursuant to which\n the Company issued 11.5 million common shares of Kelt (\"Common Shares\") (which includes the exercise in full of the over-allotment option to\n purchase 1.5 million Common Shares) at a price of $8.00 per Common\n Share and 2.0 million Common Shares issued on a \"flow-through\" basis (\"Flow-Through Shares\") at a price of $9.80 per Flow-Through Share, for gross proceeds of\n $111,600,000.\n\n\nThe Common Shares and Flow-Through Shares issued in connection with the\n Offering are subject to a statutory four (4) month hold period under\n applicable securities legislation.\n\n\nKelt intends to use the net proceeds from the Offering to fund its 2013\n and 2014 capital expenditures and for general working capital purposes.\n Kelt shall, pursuant to the provisions in the Income Tax Act (Canada), incur Canadian Exploration Expenses, including, if\n applicable, deemed Canadian Exploration Expenses, (the \"Qualifying Expenditures\") after August 27, 2013 and prior to December 31, 2014 in the aggregate\n amount of not less than the total amount of the gross proceeds raised\n from the issue of Flow-Through Shares.  Kelt shall renounce the\n Qualifying Expenditures so incurred to the purchasers of the\n Flow-Through Shares such that $9.80 per Flow-Through Share shall be\n deductible against the subscribers' income for the fiscal year ended\n December 31, 2013.\n\n\nThis press release does not constitute an offer to sell or a\n solicitation of any offer to buy the Common Shares in the United\n States. The Common Shares and Flow-Through Shares have not been and\n will not be registered under the U.S. Securities Act of 1933 and may\n not be offered or sold in the United States absent registration or an\n app...