Mr. Tim Coupland reports
ARCTIC HUNTER ANNOUNCES $50,000 NON-BROKERED PRIVATE PLACEMENT
Arctic Hunter Energy Inc. has arranged a non-brokered private placement financing of one million units at
a price of five cents per unit to raise gross proceeds of up to $50,000. Each
unit will consist of one common share and one common share purchase warrant, each warrant
exercisable at a price of 10 cents per share for a period of two years from the date of issuance. 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 to arm's-length parties for services rendered in respect of
the offering. The finder's fee will consist of a cash fee equal to 6 per cent of the gross proceeds of the offering
and finders' warrants equal in number to 6 per cent of the units sold under the offering. Each finder's warrant
will entitle the holder to acquire one common share of the company at a price of 10 cents per share for a
period of two years from the date of issuance.
The company intends to use the proceeds of the offering for any new costs associated with due
diligence with respect to the acquisition of new exploration assets, outstanding legal, accounting costs
and general working capital while it has been carefully monitoring the impacts, and general public
health impacts and financial impacts, of COVID-19 on its assets and partners in industry.
In addition to other prospectus exemptions commonly relied on in private placements, the offering will
be available to existing shareholders of the company who, as of the close of business on July 9, 2020,
held common shares of the company (and who continue to hold such common shares as of the closing
date), pursuant to the prospectus exemption set out in British Columbia Instrument 45-534 -- Exemption From
Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in
other jurisdictions in Canada. The existing shareholder
exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless
the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is
resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an
investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on
the existing shareholder exemption exceeding the maximum offering, the company may adjust the
subscriptions received on a pro rata basis.
The company will also make the offering available to certain subscribers pursuant to B.C. Instrument
45-536 -- Exemption from Prospectus Requirement for Certain Distributions Through an Investment
Dealer. In accordance with the requirements of the investment
dealer exemption, the company confirms that there is no material fact or material change about the
company that has not been generally disclosed.
About Arctic Hunter Energy Inc.
The company is a Canadian oil and gas exploration and mining resource development company that is
focused on developing its production capabilities, obtaining potential future oil production revenues,
and discovering and acquiring advanced gold, silver and copper mineral concessions.
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