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Artek Exploration Increases Bought Deal Financing to $39M

Artek Exploration Ltd. (RTK.TO) and its syndicate of underwriters have agreed to increase the size of a previously announced offering of common shares to an aggregate of 2,150,000 flow-through common shares at a price of $4.20 per share. The size of the previously announced offering of common shares remains unchanged at 8,700,000 common shares. Aggregate gross proceeds of the offering will now be $39 million.

Proceeds of the offering will initially be used to reduce bank indebtedness thereby freeing up additional borrowing capacity to fund a portion of the corporation's ongoing capital program with the flow-through common share proceeds used to incur eligible Canadian exploration expenditures.

RTK shares were down 22 cents at $3.38.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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