CALGARY, ALBERTA–(Marketwired – Nov. 28, 2014) – Artisan Energy Corporation (“Artisan” or the “Corporation”) (TSX VENTURE:AEC) is pleased to announce that in connection with its recently completed acquisition of MOGL Corp. and Spur Energy Corp., and in addition to the previously announced initial private placement closing, it has completed the final closing of its non-brokered private placement (the “Private Placement”). Artisan issued 4,400,000 units of Artisan (“Financing Units”) at a price of $0.25 per Financing Unit, for aggregate gross proceeds of $1,100,000. Each Financing Unit consists of one Artisan Common Share and one common share purchase warrant, each warrant entitling the holder thereof to purchase one Artisan Common Share at a price of $0.30 per Artisan Common Share for a period of one year from the closing date of the Private Placement. Proceeds from the Private Placement will be used to reduce indebtedness and to advance Artisan’s various development-stage projects. Artisan did not pay any commissions in relation to the Private Placement. The securities issued pursuant to the Private Placement are subject to a four-month plus one day hold period.
Together with the previously announced initial closing of the Private Placement, Artisan issued a total of 8,000,000 Financing Units for combined aggregate gross proceeds of $2,000,000.
This news release contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable securities laws relating to the Private Placement. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements relate to future events or performance and include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “estimate”, “seek”, “may”, “intend”, “plan”, “likely”, “will”, “believe” and similar expressions (including the negatives thereof). In addition, and without limiting the generality of the foregoing, this press release contains forward-looking statements relating to the use of proceeds of the Private Placement. Readers are cautioned not to place undue reliance on forward-looking statements.
The forward-looking statements are based on certain key expectations and assumptions made by Artisan’s management, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; the availability and cost of financing, labor and services; the impact of increasing competition; ability to market oil and natural gas successfully; and obtaining the necessary regulatory approvals, including the approval of the TSX Venture Exchange, for the Private Placement.
While Artisan believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements as a result of known and unknown risks, including, but not limited to, the following: volatility in market prices for oil and natural gas; operating risks inherent in oil and natural gas operations; general economic conditions; competition for, among other things, capital, acquisitions of reserves, and personnel; equipment and labour shortages and inflationary costs; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the effect of weather conditions on operations and facilities; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; and stock market volatility. As a result, no assurance can be given that any of the events anticipated by the forward-looking statements contained herein will transpire or occur, or if any of them do so, what benefits will be derived therefrom. The foregoing list of risks is not exhaustive.
The forward-looking statements contained in this news release are made as at the date of this news release and Artisan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
Additional information on other factors that could affect Artisan’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
Artisan Energy Corporation
President & CEO
Artisan Energy Corporation
Vice-President Finance & CFO