Artek Exploration Ltd. Announces Business Combination With Kelt Exploration Ltd.
CALGARY, ALBERTA--(Feb 23, 2015) - Artek Exploration Ltd. (RTK.TO) ("Artek" or the "Corporation") is pleased to announce that it has entered into an arrangement agreement (the "Arrangement Agreement") with Kelt Exploration Ltd. ("Kelt"), pursuant to which Kelt has agreed to acquire all of the issued and outstanding common shares of Artek ("Artek Shares") on the basis of 0.34 of a common share of Kelt ("Kelt Shares") for each Artek Share held (the "Transaction").
The consideration reflects a value of approximately $2.76 per Artek Share based on a 5 day volume weighted average trading price of $8.10 per Kelt Share immediately preceding execution of the Arrangement Agreement and represents a 61% premium over the 5 day volume weighted average trading price of the Artek Shares. The Transaction values Artek at approximately $307 million, including net debt and Artek estimated transaction costs.
- Published: 23 February 2015
- Written by Editor