Business
BNK Petroleum closes $45 million bought-deal financing
BNK Petroleum closes $45 million bought-deal financing
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\n May 18, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n BNK Petroleum Inc. (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 Macquarie Capital Markets Canada Ltd. and Canaccord Genuity Corp. and including Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., GMP Securities L.P. and UBS Securities Canada Inc. (together the "Underwriters"), pursuant to which the Underwriters purchased for resale to the public 15,800,000 common shares ("Common Shares") of the Company at $2.85 per Common Share for gross proceeds of $45,030,000 (the "Offering").\nThe Underwriters have also been granted an over-allotment option to purchase, on the same terms, up to an additional 2,370,000 Common Shares. This option is exercisable, in whole or in part, by the Underwriters, in their sole discretion, at any time up to 30 days after the closing. Additional gross proceeds of approximately $6,754,500 will be realized should the over-allotment option be exercised in full.\nThe net proceeds from this Offering will be used to repay outstanding debt of approximately US$2,800,000, to fund the Company's exploration and development program in Europe and the United States and for working capital and general corporate purposes.\n\nCaution Regarding Forward-Looking Information\n\nCertain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws, including statements concerning the over-allotment option and the use of the net proceeds of the Offering. Such forward-looking statements are based on certain assumptions, including that all necessary regulatory approvals will be obtained as and when required and that there will be no material change in the Company's affairs or laws, rules or regulations relating to the Company, its securities or the business, operations or affairs of the Company that would require a reallocation of funds. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual timing to be materially different from any of those expressed or implied ...