3.80 Per Share
Apr 17, 2007 09:06 ET
Arcan Announces $15.2 Million Bought Deal Private Placement Financing
CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan") is pleased to announce today that it has entered into an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including Cormark Securities Inc. (collectively the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale on a bought deal basis, 4,000,000 common shares of Arcan at a price of $3.80 per share for aggregate proceeds of $15.2 million. All sales will be made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable securities laws.
Proceeds from the offering will be used to fund Arcan's ongoing capital expenditure program and for general corporate purposes. The closing of the offering is expected to occur on or about May 8, 2007 and is subject to certain conditions including, but not limited to receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.
These securities have not been and will not be registered under the United states Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.