Why?I am curious how they can raise money suggesting it will be used in part to drill their 4th horizontal well. Then AFTER the money is received they announce they will not be bring on any new production to due to cash constraint. This seems misleading. I guess we will see...
Artisan has now closed its previously announced private placement with the final closing of 275,000 common shares for proceeds of $110,000. Artisan issued a total of 5.4 million common shares at a price of 40 cents per common share and 439,348 flow-through common shares at a price of 46 cents per flow-through share for total gross proceeds of $2,362,100 ($2,232,100 net proceeds after payment of applicable finders' fees). Proceeds will be used for general working capital purposes and drilling of the fourth horizontal Belly River oil well at Ferrybank.