Bengal Energy Ltd. press release
Bengal Energy Announces Election by Insiders to Convert Convertible Notes
TSX - Toronto Stock Exchange · Canada
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CALGARY, July 22, 2013/CNW/ -Bengal Energy (TSX: BNG) ("Bengal", or the "Company") is pleased to announce that certain insiders of the Company have elected to convert $1.5 millionof short-term convertible notes (the "Convertible Notes"), into common shares ("Common Shares") of Bengal at an exercise price of $0.56per Common Share. The Convertible Notes were issued pursuant to a private placement of $3.5 millionof both Convertible and non-convertible Notes (the "Notes"), of which insiders of the Company purchased approximately 85% of all Notes.
The Convertible Notes come due July 24, 2013, and insiders have elected to convert their $1.5 millionof Convertible Notes into 2,678,392 free trading Common Shares.
About Bengal Bengal Energy Ltd. is an international junior oil and gas exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal trades on the TSX under the symbol BNG. Additional information is available at www.bengalenergy.ca.
SOURCE: Bengal Energy Ltd.
Bengal Energy Ltd. Chayan Chakrabarty, President and CEO Bryan Goudie, CFO (403) 205-2526 Email:investor.relations@bengalenergy.ca Website:www.bengalenergy.ca
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