Business
Bengal Energy Announces Closing of its Previously Announced $3.5 Million Private Placement of Convertible and Non-Convertible Notes
/NOT FOR DISSEMINATION IN THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRIC...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES.  ANY FAILURE TO COMPLY WITH\n THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n\n\nCALGARY, Jan. 25, 2013 /CNW/ - Bengal Energy (TSX: BNG) (\"Bengal\", or the \"Company\") is pleased to announce that it has closed\n its previously announced non-brokered private placement (the \"Private\n Placement\") of $3.5 million of short-term, convertible and\n non-convertible notes. Members of the Board of Directors of the Company\n subscribed for approximately 85% of the principal amount of the notes\n issued pursuant to the Private Placement.  The net proceeds of the\n Private Placement will be used to help fund the Company's capital\n program and for general corporate purposes.\n\n\nWilliam (Bill) Wheeler, a director of the Company, also announces that\n he, indirectly through Texada Capital Management Ltd. (\"Texada\"), a\n private company controlled by him, acquired $1,000,000 principal amount\n of short-term convertible notes (the \"Convertible Notes\") issued\n pursuant to the Private Placement (representing approximately 57% of\n the principal amount of the Convertible Notes issued by the Company). \n Mr. Wheeler beneficially owns, directly and indirectly, 4,732,370\n common shares (\"Common Shares\") in the capital of Bengal (representing\n approximately 9.08% of the currently outstanding Common Shares), which\n includes Common Shares held by Texada.  Following the Private\n Placement, and assuming the full conversion of the Convertible Notes\n held by Texada (and using the lowest conversion price permitted under\n the rules of the Toronto Stock Exchange so as to not require\n shareholder approval on the conversion of some or all of the\n outstanding Convertible Notes), Mr. Wheeler has deemed beneficial\n ownership or control, directly or indirectly, of 14.7% of the\n outstanding Common Shares).  Mr. Wheeler, through Texada, acquired the\n Convertible Notes for investment purposes.  The purchase price for the\n Convertible Notes was $1,000 per $1,000 principal amount.  A copy of\n the early warning report filed on SEDAR at www.SEDAR.com with respect to the acquisition of the Convertible Notes by Texada can\n be obtained from the offices of Bengal Energy Ltd at Suite 1810, 801 -\n 6th Ave SW, Calgary, Alberta T2P 3W2.\n\n...