Business
Avery Resources Closes Financings for Gross Proceeds of $4.3 Million CDN
Avery Resources Closes Financings for Gross Proceeds of $4.3 Million CDN.
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Feb. 24 /CNW/ - Avery Resources Inc. (the \"Corporation\") is\npleased to announce that it has completed its brokered private placement (the\n\"Private Placement\") and short form offering document financing (the \"SFOD\nFinancing\"). Canaccord Capital Corporation acted as agent for both financings\nand the Corporation issued an aggregate of 5,000,000 common shares at\n$0.40 per share pursuant to the SFOD Financing and 5,750,000 common shares at\n$0.40 per share pursuant to the Private Placement raising gross proceeds of\n$4,300,000. The Private Placement was for 5,000,000 common shares with an over\nallotment option for an additional 750,000 common shares. The Private\nPlacement including the over allotment was fully subscribed. As previously\nannounced, Sequoia Oil & Gas Ltd., an existing shareholder of the Corporation,\nsubscribed for $1,800,000 in the Private Placement, which is the amount\nrequired to maintain its equity interest in the Corporation. No commission was\npaid by the Corporation for that subscription from Sequoia Oil & Gas Ltd.\nIn addition to an 8 percent cash commission on certain of the proceeds,\nthe Corporation issued to the Agent, 75,000 common shares as a corporate\nfinance fee and common share purchase broker warrants, entitling the holder\nthereof to acquire an aggregate 500,000 common shares at an exercise price of\n$0.40 per share until February 24, 2007.\nThe common shares issued pursuant to the Private Placement and\n100,000 common shares issued pursuant to the SFOD Financing are subject to a\nfour month hold which expires on June 25, 2006.\n\nAvery Resources is an international junior oil and gas exploration\ncompany based in Calgary, Alberta that trades on the TSX Venture Exchange. The\nCorporation is committed to growing shareholder value through international\nacquisitions and exploration. The Corporation's primary interest is in\nAustralia, where the Corporation is building a significant presence through\npartnerships, drilling and acquisitions.\n\n The TSX Venture Exchange does not accept responsibility for the\n adequacy or accuracy of this release.\n\nForward looking statements: Except for statements of historical fact, all\nstatements in this press release, without limitation, regarding new projects,\nacquisitions, future plans and objectives are forward-looking ...