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BNK Petroleum Inc. Announces Completion of C$14.0 Million Financing
BNK Petroleum Inc. Announces Completion of C$14.0 Million Financing BNK Petroleum ...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nBNK Petroleum Inc. Announces Completion of C$14.0 Million Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBNK Petroleum Inc. Announces Completion of C$14.0 Million Financing\nCanada NewsWire\nCAMARILLO, CA, Oct. 28, 2016\n\n\n\nTSX ticker symbol; BKX\n\n\n\nCAMARILLO, CA, Oct. 28, 2016 /CNW/ - BNK Petroleum Inc. (the \"Company\") (TSX: BKX) is pleased to announce the completion of its previously announced short form prospectus offering (the \"Offering\") of common shares of the Company (the \"Shares\") through a syndicate of agents co-led by GMP FirstEnergy and Haywood Securities Inc. and including Macquarie Capital Markets Canada Ltd. \n\nPursuant to the Offering, the Company issued 70,000,000 Shares at a price of C$0.20 per share for gross proceeds of C$14,000,000.  The Company intends to use the net proceeds to fund exploration and development of its Tishomingo Field, located in Oklahoma, U.S. and for general corporate purposes.\n\nWolf Regener, President & CEO, commented:\n\n\"With the closing of this offering, which was increased by more than 25% due to strong support from existing shareholders as well as new investors, we are moving ahead with a drilling program that will take advantage of the current low cost environment.  The location of our proposed wellsites offset some of our best performing wells, in a geologically comparable area.  We expect our drilling program to increase cash flow while at the same time proving up additional reserves.  \n\n\"The preparation of our first location is almost complete, we are currently evaluating bids for a drilling rig and will select a vendor shortly.  We expect to provide a further update when we announce our third quarter results in early November.\"\n\nDirectors and senior officers of the Company purchased a total of 4,680,000 Shares in the Offering.  Accordingly, the Offering constituted to that extent a \"related party transaction\" under Multilateral Instrument 61-101 (\"MI 61-101\").  The transaction is exempt from the formal valuation and minority sh...