Arsenal Energy Inc. completes C$7.5 million bought deal financing

Date Closed: 7/03/2014

Value: C$7.5 million

On July 3, 2014, Arsenal Energy Inc. (Arsenal or the Corporation) announced that it had closed its previously announced bought deal financing of 799,400 common shares on a “flow-through share” basis  at a price of $9.35 per flow-through share (Flow-Through Share), which includes the exercise in full of the over-allotment option of 104,200 Flow-Through Shares, for aggregate gross proceeds of C$7,474,390 (the Financing).

The Financing was led by Acumen Capital Finance Partners Limited, on behalf of a syndicate of underwriters including Industrial Alliance Securities Inc., National Bank Financial Inc. and PI Financial Corp. (collectively, the Underwriters).
The proceeds from the sale of the Flow-Through Shares will be used to incur Canadian exploration expenses (CEE) for the purposes of the Income Tax Act (Canada) and such CEE will be renounced to subscribers for the 2014 tax year.
Arsenal is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and oil reserves primarily in Alberta and Saskatchewan and North Dakota, U.S.A. 

BLG represented Arsenal with a team led by Donald Edwards that included Jenna Kaye.