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Bengal Energy Ltd Announces $5.0 Million Brokered Private Placement

Wednesday, 27 Mar 2013 09:14am EDT 

Bengal Energy Ltd announced intention to complete a brokered private placement of common shares pursuant to which the Company will raise up to CAD5,000,000 at a price to be determined in the context of the market. The Offering is being conducted through a syndicate of agents to be led by Toll Cross Securities Inc. and National Bank Financial Inc. The Agents will also have the option to increase the maximum size of the Offering by an additional 15% at any time up to 24 hours prior to the closing date. The Company has agreed to pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering excluding up to $1,000,000 of president's list orders. The net proceeds of the Offering will be used for continued exploration and development of the Company's oil and gas properties and for general working capital purposes. The Offering is scheduled to close on or about April 12, 2013. The Common Shares to be issued in connection with the Offering will be subject to a four-month hold period. 

Company Quote

-0.0050 -1.11%
12 Sep 2014