Business
Bengal Energy Ltd. Announces $5.0 Million Brokered Private Placement
/NOT FOR DISSEMINATION IN THE UNITED STATES/ CALGARY, March 27, 2013 /CNW/ - Bengal ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, March 27, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (the \"Company\") is pleased to announce its intention to complete a\n brokered private placement of common shares (\"Common Shares\") pursuant\n to which the Company will raise up to C$5,000,000 (the \"Offering\") at a\n price to be determined in the context of the market. The Offering is\n being conducted on a \"commercially reasonable best efforts\" basis\n through a syndicate of agents to be led by Toll Cross Securities Inc.\n and National Bank Financial Inc. (together, the \"Agents\").  The Agents\n will also have the option to increase the maximum size of the Offering\n by an additional 15% at any time up to 24 hours prior to the closing\n date.  The Company has agreed to pay the Agents a cash commission equal\n to 6.0% of the gross proceeds of the Offering excluding up to\n $1,000,000 of president's list orders.\n\n\nThe net proceeds of the Offering will be used for continued exploration\n and development of the Company's oil and gas properties and for general\n working capital purposes.\n\n\nThe Offering is scheduled to close on or about April 12, 2013 and is\n subject to certain conditions including, but not limited to, completion\n of satisfactory due diligence investigations by the Agents and the\n receipt of all necessary regulatory approvals, including the approval\n of the Toronto Stock Exchange. The Common Shares to be issued in\n connection with the Offering will be subject to a four-month hold\n period.\n\n\nThis release does not constitute an offer for sale of securities in the\n United States.  These securities being offered have not been, and will\n not be, registered under the United States Securities Act of 1933, as\n amended (the \"U.S. Securities Act\") and may not be offered or sold in\n the United States absent registration under the U.S. Securities Act or\n an applicable exemption from that U.S. registration requirements.\n\n\nThis news release contains certain statements which constitute\n forward-looking statements or information (\"forward-looking\n statements\"), including statements regarding the expected closing date\n of the Offering, the amount and use of proceeds and the satisfaction of\n conditions to closing the Offering. These forward-looking statements\...