Business
Bengal Energy Announces Election by Insiders to Convert Convertible Notes
CALGARY , July 22, 2013 /CNW/ - Bengal Energy (TSX: BNG) ("Bengal", or the "Company") ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\nCALGARY, July 22, 2013 /CNW/ - Bengal Energy (TSX: BNG) (\"Bengal\", or the \"Company\") is pleased to announce that certain\n insiders of the Company have elected to convert $1.5 million of\n short-term convertible notes (the \"Convertible Notes\"), into common\n shares (\"Common Shares\") of Bengal at an exercise price of $0.56 per\n Common Share.  The Convertible Notes were issued pursuant to a private\n placement of $3.5 million of both Convertible and non-convertible Notes\n (the \"Notes\"), of which insiders of the Company purchased approximately\n 85% of all Notes.\n\n\nThe Convertible Notes come due July 24, 2013, and insiders have elected\n to convert their $1.5 million of Convertible Notes into 2,678,392 free\n trading Common Shares.\n\n\nAbout Bengal\nBengal Energy Ltd. is an international junior oil and gas exploration\n and production company based in Calgary, Alberta. The Company is\n committed to growing shareholder value through international\n exploration, production and acquisitions. Bengal trades on the TSX\n under the symbol BNG. Additional information is available at www.bengalenergy.ca.\n\nSOURCE: Bengal Energy Ltd.\n\n\n Bengal Energy Ltd.Chayan Chakrabarty, President and CEOBryan Goudie, CFO(403) 205-2526 Email: [email protected] Website: www.bengalenergy.ca Copyright CNW Group 2013","length":2267,"tagName":"div"}]