Kelt Exploration Ltd. (TO: KEL.TO) completed a brokered private placement offering for CA$113,390,000 in gross proceeds, the company said March 25.
Kelt had issued 9,775,000 common shares at $11.60 each, and also issued 1,530,000 common shares on a flow-through basis at $12.75 each, the company said, noting that this last issuance resulted in gross proceeds of $19, 507,500.
The brokered offering had a syndicate of underwriters led by Peters & Co. Ltd. and including FirstEnergy Capital Corp., RBC Capital Markets, National Bank Financial Inc., CIBC World Markets Inc., GMP Securities LP, Scotia Capital Inc., AltaCorp Capital Inc., Dundee Securities Ltd., Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd., Kelt said.
The underwriters were given an overallotment option to purchase an additional 1,275,000 shares at $11.60, the company said.
Additionally, Kelt completed a previously announced nonbrokered private placement to certain directors, officers and employees, the company said. At $12.75 each, 1,105,000 flow-through shares yielded gross proceeds of $14,088,750, Kelt added.
Net proceeds from the offerings will partly finance the company’s 2014 capex and general working capital, the company said.
Calgary, Alberta-based Kelt Exploration Ltd. explores, develops and produces crude oil and natural gas in west-central Alberta and northeastern British Columbia.
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