Kelt Exploration Ltd. completes C$143 million private placement

Date Closed: 3/25/2014

Value: C$143 million

Kelt Exploration Ltd. completed a bought deal private placement offering with a syndicate of underwriters pursuant to which the Company issued 9,775,000 common shares of Kelt  (which includes the exercise in full of the over-allotment option to purchase 1,275,000 Common Shares) at a price of $11.60 per Common Share for gross proceeds of $113,390,000 and 1,530,000 Common Shares issued on a “flow through” basis pursuant to the Income Tax Act (Canada) at a price of $12.75 per Flow-Through Share for gross proceeds of $19,507,500.

Kelt simultaneously completed a non-brokered private placement offering to certain directors, officers and employees of the Company, of 1,105,000 Flow-Through Shares at a price of $12.75 per Flow-Through Share for gross proceeds of $14,088,750.

Net proceeds from the Brokered Offering and the Non-Brokered Offering, which totalled $146,986,250, will be used to partially finance Kelt’s increased 2014 capital expenditure programs and for general working capital purposes.

BLG’s team consisted of Bill Guinan, Louise Lee, Michael Saliken and Peter Newman.