Business
Kelt Exploration Ltd. closes $94.35 million equity financing
CALGARY, April 5, 2013 /CNW/ - (TSX: KEL) - Kelt Exploration Ltd. (" Kelt " or the " Compan...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 5, 2013 /CNW/ - (TSX: KEL) - Kelt Exploration Ltd. (\"Kelt\" or the \"Company\") is pleased to announce that it has completed a bought deal private\n placement offering (the \"Brokered Offering\") with a syndicate of underwriters led by Peters & Co. Limited and\n including FirstEnergy Capital Corp., RBC Capital Markets, Scotia\n Capital Inc., CIBC World Markets Inc., Cormark Securities Inc., Dundee\n Securities Ltd., Macquarie Capital Markets Canada Ltd., National Bank\n Financial Inc., GMP Securities L.P., and Stifel Nicolaus Canada Inc.\n (collectively, the \"Underwriters\") pursuant to which the Company issued 11.0 million common shares of\n Kelt (\"Common Shares\") at a price of $5.55 per Common Share for gross proceeds of\n $61,050,000.\n\n\nKelt is also pleased to announce the completion of its previously\n announced non-brokered private placement offering (the \"Non-Brokered Offering\"), to certain directors, officers and employees of the Company, of 6.0\n million Common Shares at a price of $5.55 per Common Share for gross\n proceeds of $33,300,000.\n\n\nThe Common Shares issued in connection with the Brokered Offering and\n the Non-Brokered Offering are subject to a statutory four (4) month\n hold period under applicable securities legislation.\n\n\nKelt intends to use the proceeds from the Brokered Offering and the\n Non-Brokered Offering initially to pay down any existing indebtedness,\n and thereafter to fund ongoing exploration and development activities,\n potential asset acquisitions and for general working capital purposes.\n\n\nDavid J. Wilson, the President and Chief Executive Officer and a\n director of the Company, purchased 2,100,000 Common Shares pursuant to\n the Non-Brokered Offering.  In connection with the purchase, Mr. Wilson\n relied on the exemption set out in Section 2.5 of National Instrument\n 45-106 - Prospectus and Registration Exemptions, in view of his position as a director and as an executive officer of\n Kelt.  As a result of such purchase, Mr. Wilson owns or has control\n over 8,520,028 Common Shares, representing approximately 10.1% of the\n total issued and outstanding Common Shares. In addition, Mr. Wilson\n holds options to acquire an additional 175,000 Common Shares and holds\n restricted share units convertible into an additional 173,000 Commo...