Artek Exploration Ltd. (Toronto: RTK) has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and including Cormark Securities Inc., Peters & Co. Ltd., Stifel Nicolaus Canada Inc. and FirstEnergy Capital Corp., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 4.5 million common shares at a price of $2.85 per share and 3.18 million common shares on a flow-through basis at a price of $3.45 per share for aggregate gross proceeds of approximately C$24 million.
Proceeds of the offering will initially be used to reduce bank indebtedness thereby freeing up additional borrowing capacity to fund a portion of the corporation's ongoing capital program. The flow-through common share proceeds will be used to incur eligible Canadian exploration expenditures.
In addition, the underwriters have been granted an over-allotment option, exercisable for a period of 30 days following closing of the offering, to purchase 351,000 common shares for additional gross proceeds of approximately C$1 million.
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