Artek Exploration Ltd. announce that, in connection with its previously announced offering of common shares to be issued on a flow-through basis, the Corporation and the Underwriters have agreed to increase the size of the offering to an aggregate of 3,800,000 CEE Flow-Through Shares at a price of $4.08 per CEE Flow-Through Share. The number of CDE Flow-Through Shares to be issued will remain the same.
Proceeds of the offering will initially be used to reduce bank indebtedness thereby freeing up additional borrowing capacity to fund eligible expenditures that will be renounced to subscribers effective on or before December 31, 2013.
The CEE Flow-Through Shares will be offered in certain provinces of Canada by way of a short form prospectus. The CDE Flow-Through Shares will be issued on a private placement basis pursuant to applicable exemptions from prospectus requirements under applicable securities laws.