Arctic Hunter Completes First Tranche of Non-Brokered Private Placement
ARCTIC HUNTER ENERGY INC.
Suite 501 - 675 West Hastings Street · Vancouver · British Columbia · V6B 1N2 Telephone: (604) 681-3131
NEWS RELEASE
March 14, 2014 TSX-V Trading Symbol: AHU
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ARCTIC HUNTER COMPLETES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT ____________________________________________________________________________________
VANCOUVER, B.C. - Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement. The Company will issue a total of 6,200,000 units of the Company at a price of $0.05 per unit for gross proceeds of $310,000. Each unit is comprised of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of $0.10 per share for a period of two years from the date of issuance.
In connection with the offering, the Company will pay a finders’ fee to arm’s length parties. The finder’s fee is comprised of a cash fee equal to 8% of the gross proceeds raised from the sale of units to subscribers introduced to the Company by such finders, and finders’ warrants equal to 8% of the total number of units purchased by subscribers introduced to the Company by such finders. Each finder’s warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.10 per share for a period of two years from the date of issuance.
All securities issued in this tranche of the financing are subject to hold periods expiring on July 15, 2014. The Company expects to close the balance of the private placement in the coming weeks. As previously disclosed, the Company proposes to use the net proceeds from the offering in connection with its exploration, development and drilling activities in the greater Lloydminster area of west-central Alberta & Saskatchewan.
ABOUT ARCTIC HUNTER ENERGY
The Company is a Canadian Oil & Gas exploration and development Company that acquires and finances the acquisition, exploration and development of oil and gas assets primarily in Western Canada. The Company is a junior heavy oil producer in the greater Lloydminster area of Alberta & Saskatchewan. The Company is constantly reviewing future production and exploration opportunities through selective property acquisitions and identifying low risk exploration drilling activities.
The Company has qualified management and has an Oil & Gas team of professionals seasoned in field exploration and drilling. The Company has the resources and necessary manpower to develop its natural resource and production properties. The Company is committed to minimizing risk through the selective acquisition, exploration and development of petroleum and natural gas resource assets. The Company intends to increase its oil production and reserves through its exploration activities and strategic property acquisitions.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO Arctic Hunter Energy Inc.
Tel: (604) 681-3131 [email protected]
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