Arctic Hunter Announces $500,000 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
November 8, 2013 TSX-V Trading Symbol: AHU
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ARCTIC HUNTER ANNOUNCES $500,000 NON-BROKERED PRIVATE PLACEMENT ____________________________________________________________________________________
VANCOUVER, B.C. - Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”) announces that it has reserved up to 3,500,000 flow-through common shares in the capital of the Company in connection with a non-brokered private placement of up to 3,500,000 units of the Company, to be issued on a “flow-through” basis, under applicable tax law (the “FT Units”) at a subscription price of $0.10 per FT Unit, for total gross proceeds of up to $350,000 (exclusive of the proceeds on the exercise of the warrants accompanying the FT Units) (the “Flow-Through Unit Offering”). The Company has also reserved up to 1,500,000 common shares in connection with a concurrent non-brokered offering of up to 1,500,000 non flow-through units (the “NFT Units”) at a price of $0.10 per NFT Unit for gross proceeds of up to $150,000 (exclusive of the proceeds on the exercise of the warrants accompanying the NFT Units) (the “NFT Unit Offering”). Each NFT Unit will consists of one (1) non flow-through common share and one-half (1/2) of one common share purchase warrant, each whole warrant exercisable into one (1) common share at an exercise price of $0.20 per share for a period of one (1) year from the date of issuance. Each FT Unit will consist of one (1) flowthrough common share of the Company and one-half (1/2) of one share purchase warrant, each whole warrant exercisable into one (1) non flow-through common share at an exercise price of $0.20 per share for a period of one (1) year from the date of issuance. Each flow-through share qualifies as a “flowthrough share” for the purposes of the Income Tax Act (Canada). The private placement is subject to approval from the TSX Venture Exchange and all of the securities issued pursuant to the private placement will be subject to a four month hold period from the date of issue in accordance with applicable securities laws.
The Company has agreed to pay a finder’s fee equal to 8% of the gross proceeds of the Flow-Through Unit Offering and the Non- Flow-Through Unit offering, payable to arm’s length parties for services in respect of such offering. Management and directors of the Company may participate in the offering up to a maximum of $150,000 of the Flow-Through Unit Offering.
The Company proposes to use the net proceeds from the Flow-Through Unit Offering for eligible Canadian exploration expenditures (as defined in the Income Tax Act (Canada) in connection with its exploration, development and drilling activities in the greater Lloydminster area of west-central Alberta & Saskatchewan. These expenditures will be renounced for the 2013 tax year. Closing of both the Flow-Through Unit Offering and the NFT Unit Offering are expected to occur by mid-December 2013.
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 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]
or
Robert Hall, Director Arctic Hunter Energy Inc.
Tel: (604) 681-3131 [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.