Business
BNK Petroleum Inc. announces $20 million bought deal financing
BNK Petroleum Inc. announces $20 million bought deal financing
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nOct. 21, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 21 /CNW/ -- BNK Petroleum Inc. (\"BNK\" or the \"Company\") (TSX: BKX) announced it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Capital Corporation, Genuity Capital Markets and Macquarie Capital Markets Canada Ltd. (together the \"Underwriters\"), under which the Underwriters have agreed to purchase, on a bought deal basis, 16,000,000 common shares (\"Common Shares\") of the Company at $1.25 per Common Share (the \"Offering\") to raise gross proceeds of $20,000,000. Closing of the Offering, which is subject to customary conditions and regulatory approvals, including approval of the Toronto Stock Exchange, is expected to occur on or about November 12, 2009. BNK has also granted the Underwriters 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 up to 30 days after closing. The maximum gross proceeds raised under the Offering will be $23,000,000, should the over-allotment option be exercised in full.The net proceeds from this Offering will be used to fund the Company's exploration and development program in Europe and the United States, to repay outstanding debt and for general corporate purposes.The Common Shares to be issued under the Offering will be offered by way of a short form prospectus to be filed in Alberta, British Columbia, Ontario and such other Canadian provinces or territories as the syndicate and the Company may agree; and in the United States on a private placement basis pursuant to exemptions from the registration and prospectus requirements of the United States Securities Act of 1933.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 ...