CALGARY, ALBERTA–(Marketwired – Aug. 31, 2015) –
Artisan Energy Corporation (“Artisan” or the “Corporation“) (TSX VENTURE:AEC) is pleased to announce that it has closed the initial tranche of its previously announced brokered private placement of common shares (“Private Placement“) with Richardson GMP Limited (“Richardson GMP“) as agent. Artisan has issued 3,744,000 common shares at a price of $0.10 per common share for aggregate gross proceeds of $374,400. Artisan expects to close the remainder of the Private Placement for estimated additional gross proceeds of up to $1,625,600 in September 2015.
Proceeds of the Private Placement will be used for the repayment of Artisan’s mezzanine loan facility and for general working capital purposes. Although the Corporation intends to use the proceeds of the Private Placement as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
As consideration for services rendered in connection with the Private Placement, Artisan paid Richardson GMP a cash commission equal to 7% of the gross proceeds and also issued to Richardson GMP 262,080 broker warrants.
The securities issued under the Private Placement are subject to a resale restriction period of four months and one day. The issuance of the common shares remains subject to final approval from the TSX Venture Exchange.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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 remainder of the Private Placement, and the use of proceeds from 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 the availability and cost of capital, labor and services; the state of the economy and the exploration and production business; 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; results of operations; 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.
President & CEO
Artisan Energy Corporation
Vice-President Finance & CFO
Artisan Energy Corporation