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Bengal Energy Ltd Announces Pricing Of Previously Announced $5.0 Million Brokered Private Placement

Tuesday, 9 Apr 2013 08:37am EDT 

Bengal Energy Ltd announced that it has priced previously announced brokered private placement of common shares. Pursuant to the private placement the Company will issue up to 8,333,334 Common Shares at a price of $0.60 per share for aggregate gross proceeds of up to approximately CAD5,000,000. The Offering is being conducted on a commercially reasonable basis through a syndicate of agents to be led by Toll Cross Securities Inc. and National Bank Financial Inc. (together, the Agents). 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 of the Offering. 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. 

Company Quote

18 Dec 2014