Arsenal Energy Inc.

TSX: AEI

Arsenal Energy Inc.

Feb 04, 2010 09:49 ET

CALGARY, ALBERTA–(Marketwire – Feb. 4, 2010)

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Arsenal Energy Inc. (TSX:AEI) (“Arsenal”) is pleased to announce that it has entered into an agreement with Wellington West Capital Markets Inc. (the “Underwriter”) pursuant to which the Underwriter has agreed to place, on a ‘bought deal’ basis, 9,420,000 common shares (“Common Shares”) at a price of $0.85 per Common Share and 3,000,000 flow-through common shares (“Flow-Through Shares”) at a price of $1.00 per Flow-Through Share for aggregate gross proceeds of $11,007,000 (the “Offering”). Arsenal has also granted the Underwriter an option, exercisable in whole or in part, for a period commencing on the closing of the Offering and ending 30 days following the closing date, to place up to an additional 1,863,000 Common Shares at a price of $0.85 per Common Share for additional gross proceeds of up to $1,583,550.

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Arsenal Energy Announces $11 Million Equity Financing

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