CALGARY, May 12, 2016 /CNW/ – Ikkuma Resources Corp. (“Ikkuma” or the “Corporation“) (TSXV: IKM) is pleased to announce that it has completed a bought deal private placement offering (the “Offering“) with a syndicate of underwriters led by Desjardins Securities Inc. and including TD Securities Inc., FirstEnergy Capital Corp. and Acumen Capital Finance Partners Limited (collectively, the “Underwriters“) pursuant to which the Corporation issued 14,085,000 common shares of Ikkuma on a “flow‑through” basis pursuant to the Income Tax Act (Canada) (“Flow-Through Shares“) at a price of $0.71 per Flow-Through Share for gross proceeds of $10,000,350.
The gross proceeds from the Offering will be used by Ikkuma to incur eligible Canadian exploration expenses (“Qualifying Expenditures“) prior to December 31, 2017 in the aggregate amount of $10,000,350 raised from the issue of Flow-Through Shares. Ikkuma will renounce the Qualifying Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended December 31, 2016.
The Flow-Through Shares issued pursuant to the Offering are subject to a statutory hold period under applicable securities legislation until September 13, 2016.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Ikkuma Resources Corp. is a diversified junior public oil and gas company listed on the TSXV under the symbol “IKM”, with holdings in both conventional and unconventional projects in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporate information can be found at: www.ikkumarescorp.com.