Analyst Research

Report Title Price
Provider: Thomson Reuters Stock Report
$25.00
Provider: Reuters Investment Profile
$20.00
Provider: Wright Reports
$75.00
Provider: GlobalData
$250.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Bengal Energy Ltd Announces $8.0 Million Private Placement


Thursday, 4 Jul 2013 12:15pm EDT 

Bengal Energy Ltd announced that it will be conducting a non-brokered private placement of 8,000 units of the Company at a price of $1,000 per Unit for aggregate gross proceeds of $8.0 million. The proceeds from the Private Placement will be used to fund the Company's previously announced exercise of a pre-emptive right to purchase an additional 5.357% interest in the Cuisinier Oil Field and Authority to Prospect 752P in the Cooper-Eromanga Basin in Queensland, Australia,. Upon completion of the Acquisition, the Company's total ownership in Cuisinier will increase to 30.357%, resulting in Bengal's net production participation increasing by more than 20%. Each Unit will consist of $1,000 principal amount of 10% unsecured non-convertible redeemable notes and either: (i) 156.25 common share purchase warrants, in the case of subscriptions by non-insiders, or (ii) 156.25 value appreciation rights, in the case of subscriptions by insiders. The Notes bear interest at a rate of 10% per annum, payable quarterly, and have a term of 36 months. Following the first anniversary of the closing date of the Private Placement, the Company shall be required to make quarterly repayments of the outstanding principal of Notes in an amount equal to 6.25% of the principal amount of Notes outstanding on the last day of each applicable quarter. 

Company Quote

0.42
-0.025 -5.62%
2:21pm EDT