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Avery Resources Announces $4 million CDN Financing
Avery Resources Announces $4 million CDN Financing.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Feb. 6 /CNW/ - Avery Resources Inc. (TSX-V:ARY) (\"Avery\" or the\n\"Corporation\") announces that it intends to conduct an offering of up to\n10,000,000 common shares of the Corporation (\"Common Shares\") at a price of\n$0.40 per share for gross proceeds of up to $4 million to fund the exploration\nand development of properties in the Cooper Basin, Australia as well as to\nretire indebtedness and contribute to working capital. It is proposed that\n5,000,000 Common Shares will be issued pursuant to a TSX Venture Exchange\n(\"TSXV\") Short Form Offering Document (the \"Short Form Offering\") and an\nadditional 5,000,000 Common Shares will be issued pursuant to a concurrent\nprivate placement (the \"Concurrent Private Placement\") with an over allotment\noption of up to 750,000 common shares. The Short Form Offering and Concurrent\nPrivate Placement are subject to the approval of the TSXV.\nAvery has engaged Canaccord Capital Corporation (\"Canaccord\") to act as\nits agent on a commercially reasonable efforts basis in conducting the Short\nForm Offering and Concurrent Private Placement. Canaccord will be paid a cash\ncommission on closing equal to 8% of the gross proceeds received by Avery from\nthe sale of Common Shares. Sequoia Oil and Gas Trust (\"Sequoia\"), who holds\napproximately 44% of the Avery common shares will subscribe for the number of\nPrivate Placement shares required to maintain its interest and no commission\nwill be paid on the sale of these shares. Canaccord will also receive an\noption to purchase up to 8% of the Common Shares sold except for those shares\nacquired by Sequoia. This option is exercisable at $0.40 per share for a\nperiod of twelve months after the closing. Canaccord will also receive a\ncorporate finance fee and an administration fee.\nAvery Resources Inc. is an international junior oil and gas exploration\ncompany based in Calgary, Alberta that trades on the TSX Venture Exchange. The\ncompany is committed to growing shareholder value through international\nacquisitions and exploration. Avery's primary interest is in expanding\nexploration projects in oil and gas basins located in countries that provide\nsignificant exploration upside coupled with favourable fiscal and legal\nsystems.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the ad...