Business
BNK Petroleum closes $20 million equity financing
BNK Petroleum closes $20 million equity financing
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 13 /CNW/ -- BNK Petroleum Inc. (\"BNK\" or the \"Company\") (TSX: BKX) is pleased to announce that it has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Canaccord Capital Corporation, Genuity Capital Markets and Macquarie Capital Markets Canada Ltd. (together the \"Underwriters\"), pursuant to which the Underwriters purchased 16,000,000 common shares of the Company (\"Common Shares\") at Cdn$1.25 per Common Share to raise gross proceeds of Cdn$20,000,000 (the \"Offering\").The Underwriters have been granted an over-allotment option to purchase, on the same terms, up to an additional 2,400,000 Common Shares. This option is exercisable, in whole or in part, by the underwriters, in their sole discretion, at any time before December 14, 2009. Additional gross proceeds of approximately Cdn$3 million will be realized, should the over-allotment option be exercised in full.The net proceeds from this Offering will be used to repay outstanding debt as to Cdn$ $9.2 million and the balance will be directed to fund the Company's exploration and development program in Europe and the United States and for general corporate purposes.This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.Caution Regarding Forward-looking InformationThis document may contain certain forward looking statements including statements with respect to the proposed use of proceeds of the offering. The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry and BNK's ability to identify suitable drilling locations (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estim...