Kolibri Global Energy Inc. press release
BNK Petroleum Inc. announces $20 million bought deal financing
TSX - Toronto Stock Exchange · United States
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CALGARY, July 18 /CNW/ - BNK Petroleum Inc. (TSX: BKX) is pleased to announce it has entered into an agreement with Canaccord Capital Corporation as lead underwriter on behalf of a syndicate of underwriters, pursuant to which such underwriters have agreed to purchase, on a bought deal private placement basis, 11,000,000 common shares of BNK Petroleum Inc. at a price of $1.85 per common share. Gross proceeds of the offering will be $20,350,000.
In addition, the Underwriters will be entitled to an option, exercisable prior to the closing date of the offering, to purchase up to an additional 2,600,000 common shares at $1.85 per common share for additional gross proceeds of up to $4,810,000.
The net proceeds from this financing will be used for general corporate purposes.
All common shares issued pursuant to this financing will be subject to a four month hold period commencing on the date of closing. Closing is expected to occur on or about August 14, 2008, subject to receipt of all necessary regulatory and stock exchange approvals.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a California based oil and gas exploration and production company focused on finding and exploiting large oil and gas resource plays. The Company holds an average of 50% interest in the Tishomingo gas field in Oklahoma and varied interests in three other areas in the Northern and Central regions of the United States, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
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