Kelt Exploration Ltd. - 2016-05-03

Closed convertible debenture financing on a bought deal basis by completing the sale of 5.00% convertible subordinated unsecured debentures priced at $1,000 each. Offering completed through a syndicate of underwriters co-led by Peters & Co. Ltd. and FirstEnergy Capital Corp. and including National Bank Financial Inc., Cormark Securities Inc., TD Securities Inc., CIBC World Markets Inc., RBC Capital Markets, GMP Securities LP, Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Scotia Capital Inc., AltaCorp Capital Inc. and BMO Capital Markets. Kelt also completed private placement offering to certain directors, officers and employees and certain other subscribers an additional C$15 million of debentures at the same price. They are subject to a four month, one-day hold period from the date of completion. Net proceeds from both offerings will pay bank credit facilities and support general corporate and working capital purposes. They will mature May 31, 2021.