Kivalliq Energy Corp. (TSXV:KIV) has entered into an agreement with Dundee Securities Ltd. on behalf of a consolidation of Underwriters including Versant Partners Inc., Canaccord Genuity Corp. and National Bank Financial Inc., under which the Underwriters have agreed to purchase, on a bought deal private placement basis, 13,000,000 flow-through common shares at a price per Flow-Through Share of $0.50 and 7,780,000 common shares at a price per Common Share of $0.45 for total gross proceeds of $10,001,000.
As quoted in the press release:
The Underwriters have been granted the option to purchase up to an additional $2,000,000 of the Offering in any combination of Flow-Through Shares and/or Common Shares, exercisable in whole or in part at any time up to 48 hours before the closing of the Offering.
Closing of the Offering is scheduled for on or about May 29, 2012. All securities issued will be subject to a statutory four month hold period. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.