Kelt Exploration raises US$99.6 million

By IVCPOST Staff Reporter

Aug 06 2013, 20:59 PM EDT

Kelt Exploration Ltd. announced it had collected up to US$99.6 million through a flow-through share equity and common share financing.

Kelt Exploration entered an agreement with a group of underwriters spearheaded by Peters & Co. Limited. Other underwriting firms include Dundee Securities Ltd., CIBC World Markets Inc., GMP Securities L.P., RBC Capital Markets, Macquarie Capital Markets Canada Ltd., Stifel Nicolaus Canada Inc., Scotia Capital Inc., FirstEnergy Capital Corp., National Bank Financial Inc., Cormark Securities Inc., Paradigm Capital Inc., and AltaCorp Capital Inc.

The underwriters signed an agreement to purchase 10 million common Kelt shares for resale to the public. These shares are to be sold at a price of US$8.00 per Kelt share totaling US$80 million. The underwriters have also agreed to sell to the public 2 million flow-through common Kelt shares at a price of US$9.80 for every flow-through share totaling US$19.6 million.

Kelt had also agreed to provide the underwriters an option that they can exercise 30 days after the close of the offering.