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Bengal Energy Ltd Announces Closing of Brokered Private Placement

Tuesday, 16 Apr 2013 03:51pm EDT 

Bengal Energy Ltd announced that it has closed its previously announced brokered private placement (the Offering) of common shares (Common Shares). Toll Cross Securities Inc. and National Bank Financial Inc. (together, the Agents) acted as agents in respect of the Offering. Pursuant to the Offering, the Company issued a total of 9,500,666 Common Shares at a price of $0.60 per Common Share for aggregate gross proceeds of approximately CAD5,700,400, including 1,117,333 Common Shares issued pursuant to the exercise by the Agents of their option to increase the Offering by up to 15% or 1,250,000 Common Shares. The Company paid the Agents a cash commission of approximately CAD282,000, being 6.0% of the gross proceeds of the Offering excluding CAD1,000,000 of President's list subscriptions. Of the 9,500,666 Common Shares issued pursuant to the Offering, 1,542,977 Common Shares (the Escrowed Shares) issued to a director of the Company, and the subscription funds in respect thereof, are being held in escrow subject to the receipt of the Toronto Stock Exchange's final listing approval. A total of 2,400,300 shares of the Offering were purchased by insiders of the Company. 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. 

Company Quote

0.0050 +1.64%
27 Nov 2014