/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
CALGARY, Nov. 8, 2013 /CNW/ - Artek Exploration Ltd. ("Artek" or the
"Corporation") (TSX - RTK) is pleased to announce that, in connection
with its previously announced offering of common shares to be issued on
a flow-through basis, the Corporation and the Underwriters have agreed
to increase the size of the offering to an aggregate of 3,800,000 CEE
Flow-Through Shares at a price of $4.08 per CEE Flow-Through Share. The
number of CDE Flow-Through Shares to be issued will remain the same.
Proceeds of the offering will initially be used to reduce bank
indebtedness thereby freeing up additional borrowing capacity to fund
eligible expenditures that will be renounced to subscribers effective
on or before December 31, 2013.
The CEE Flow-Through Shares will be offered in certain provinces of
Canada by way of a short form prospectus. The CDE Flow-Through Shares
will be issued on a private placement basis pursuant to applicable
exemptions from prospectus requirements under applicable securities
Closing is expected to occur on or about November 28, 2013 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
Toronto Stock Exchange.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption
from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
ADVISORY: This press release contains forward looking statements. More
particularly, this press release contains statements concerning the
anticipated closing date of the offering and the anticipated use of the
net proceeds of the offering. Although Artek believes that the
expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because Artek
can give no assurance that they will prove to be correct. Since forward
looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. The closing of
the offering could be delayed if Artek is not able to obtain the
necessary regulatory and stock exchange approvals on the timelines it
has planned. The offering will not be completed at all if these
approvals are not obtained or some other condition to the closing is
not satisfied. Accordingly, there is a risk that the offering will not
be completed within the anticipated time or at all. The intended use of
the net proceeds of the offering by Artek might change if the board of
directors of Artek determines that it would be in the best interests of
Artek to deploy the proceeds for some other purpose.
The forward looking statements contained in this press release are made
as of the date hereof and Artek undertakes no obligations to update
publicly or revise any forward looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE: Artek Exploration Ltd.
For further information:
President and Chief Executive Officer
Vice President Finance and Chief Financial Officer