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Ikkuma to fund exploration, reduce debt after asset sale
Ikkuma Resources sold midstream assets in the Alberta foothills for $30 million, including 23 million in readily available cash. The company plans to use proceeds from the asset sale to pay down debt and to finance capital expenditures required through the issue of its CEE flow-through shares. In September, Ikkuma issued 15.1 million CEE flow-through shares for $0.82 each, generating proceeds of $12.4 million. Under provisions of the Income Tax Act, Ikkuma is obligated to spend $12.1 million on exploration......
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