Spartan Exploration Ltd. (TSE:SPE) announced that due to excess demand it has increased its previously announced bought deal financing detailed in its press release issued earlier this morning with a syndicate of underwriters co-led by Clarus Securities Inc. and GMP Securities L.P., and including Mackie Research Capital Corporation and Stonecap Securities Inc. pursuant to which the underwriters will now purchase, on a “bought deal” basis, 5,263,000 common shares of Spartan at an issue price of $2.85 per Common Share for gross proceeds to Spartan of approximately $15.0 million.

The press release is quoted as saying:

Closing is expected to occur on or about September 13, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Click here to access the entire press release

Click here to access Spartan Exploration Corporate Site

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