CALGARY, ALBERTA–(Marketwired – July 20, 2015) –
Artisan Energy Corporation (“Artisan” or the “Corporation“) (TSX VENTURE:AEC) is pleased to announce that it has entered into an engagement letter with Richardson GMP Limited (“Richardson GMP“) pursuant to which Richardson GMP will offer for sale, on a commercially reasonable efforts basis, up to 13,333,333 common shares of the Corporation at a price of $0.15 per common share for aggregate gross proceeds of up to $2,000,000 (the “Private Placement“). The Private Placement is not subject to a minimum subscription level. It is anticipated that the proceeds of the Private Placement will be used for the repayment of Artisan’s mezzanine loan facility and for general working capital purposes.
Closing of the Private Placement will occur on or about July 31, 2015 (the “Closing Date“). The common shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the Closing Date in accordance with applicable securities legislation. The Private Placement is subject to the approval of the TSX Venture Exchange.
This news release contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable securities laws relating to the proceeds and closing date of the Private Placement, and the use of proceeds therefrom. 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 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 sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; the availability and cost of capital, labor and services; the impact of increasing competition; the ability to market oil and natural gas successfully; and satisfying all required conditions to the Private Placement, including obtaining the approval of the TSX Venture Exchange. 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. 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.
Artisan Energy Corporation
President & CEO
Artisan Energy Corporation
Vice-President Finance & CFO