Artek Exploration Ltd. - 2012-10-19

Entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and including Cormark Securities Inc., Peters & Co. Ltd., Stifel Nicolaus Canada Inc. and FirstEnergy Capital Corp., pursuant to which the underwriters have agreed to purchase 4.5 million common shares at a price of $2.85 per share and 3.18 million common shares on a flow-through basis at a price of $3.45 per share. Proceeds 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. The flow-through common share proceeds will be used to incur eligible Canadian exploration expenditures.