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Ikkuma Resources Announces Closing of $10 Million Bought Deal
May. 12, 2016 08:58AM PST
Oil and Gas InvestingIkkuma Resources (TSXV:IKM) (the Corporation) has announced its completion of a bought deal private placement offering with a syndicate of underwriters led by Desjardins Securities, including TD Securities, FirstEnergy Capital and Acumen Capital Finance Partners. As quoted in the press release: The Corporation issued 14,085,000 common shares of Ikkuma on a “flow‑through” basis pursuant to …
Ikkuma Resources (TSXV:IKM) (the Corporation) has announced its completion of a bought deal private placement offering with a syndicate of underwriters led by Desjardins Securities, including TD Securities, FirstEnergy Capital and Acumen Capital Finance Partners.
As quoted in the press release:
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 toDecember 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.