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Blackbird Energy Inc. Announces Closing of First Tranche of Private Placement
Jul. 22, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(July 22, 2011) - Blackbird E...
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[{"type":"text","content":"\nBlackbird Energy Inc. Announces Closing of First Tranche of Private Placement\n\n Jul. 22, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(July 22, 2011) - Blackbird Energy Inc. (OOTC:BKBEF) (TSXV: BBI)(\"Blackbird\" or the\"Company\"), is pleased to announce that it has closed the first tranche of its private placement previously announced on June 17, 2011 (the \"Private Placement\"). The Company raised gross proceeds of $1,550,000 pursuant to this first tranche of the Private Placement through the issuance of a total of 7,750,000 units comprised of 4,475,000 flow-through units (each, a \"FT Unit\") and 3,275,000 units (eash, a \"Unit\") at a price of $0.20 per Unit and $0.20 per FT Unit. Each Unit consists of one common share in the capital of the Company (each a \"Share\") and one common share purchase warrant (each, a \"Warrant\") exercisable at a price of $0.35 per Share until July 21, 2013. Each FT Unit is comprised of one Share issued on a flow-through basis and one Warrant. Garth Braun, Blackbird CEO, stated: \"Given the current challenging capital market environment, we are very pleased with the success of this first tranche of the Private Placement. Having these funds in place enables us to move forward on our promising project with Donnybrook Energy Inc. (TSXV:DEI) (OOTC:CSTPF) and our overall objective of enhancing shareholder value\". Finders acting in connection with this first tranche of the Private Placement will receive finder's fees in the total amount of $65,900 and an aggregate of 276,000 finder's warrants, each finder's warrant entitling the holder thereof to purchase one Share until July 21, 2013. All of the Shares, Warrants and finder's warrants issued pursuant to the Private Placement are subject to a four-month hold period which expires on November 22, 2011. Blackbird currently anticipates the balance of the Private Placement to close by July 31, 2011. The proceeds from the Private Placement will be initially applied to the Company's project with Donnybrook Energy Inc. for the lease construction and drilling of the Montney Horizontal formation well at Bigstone, which is ready to proceed, weather permitting. The well is estimated to spud on or around July 29, 2011. Insiders of the Company acquired a total of 350,000 Units and 50,000 FT Units in the Private Placement (the \"Insider Participation\"...