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BNK Petroleum Inc. announces $5.1 million private placement
CALGARY, June 30 /CNW/ - BNK Petroleum Inc. (TSX: BKX) (the "Company") is pleased to announce tha...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nCALGARY, June 30 /CNW/ - BNK Petroleum Inc. (TSX: BKX) (the "Company") is\npleased to announce that it intends to complete a non-brokered private\nplacement of up to 17,000,000 common shares at Cdn.$0.30 per share for gross\nproceeds of Cdn.$5,100,000, subject to the approval of the Toronto Stock\nExchange. From the net proceeds of the financing, the Company intends to make\na U.S.$500,000 loan payment to Bankers Petroleum Ltd. ("Bankers") under its\nsubordinated loan agreement with Bankers (the "Subordinated Loan"), and repay\nU.S.$ 1 million of unsecured non-interest bearing loans previously made to the\nCompany by three of its directors and its Chief Executive Officer to assist\nthe Company in obtaining a waiver from Bankers of certain repayment\nobligations under the Subordinated Loan that would have been otherwise\napplicable in connection with the closing of the Company's previously\nannounced credit facility with Wells Fargo Energy Capital, Inc. The balance of\nthe net proceeds will be used by the Company for general working capital\npurposes.\n\n\nAll common shares issued pursuant to this financing will be subject to a\nfour month hold period commencing on the date of the closing. Closing is\nexpected to occur on or about July 15, 2009, subject to receipt of all\nnecessary regulatory and stock exchange approvals.\n\n\nAbout BNK Petroleum Inc.\n\n\nBNK Petroleum Inc. is a California based oil and gas exploration and\nproduction company focused on finding and exploiting large oil and gas\nresource plays. The Company holds an average of 50% interest in the Tishomingo\ngas field in Oklahoma and varied interests in three other areas in the\nNorthern and Central regions of the United States, where it is currently\npursuing the exploration, development and production of shale and tight sand\ngas plays. The Company's shares are traded on the Toronto Stock Exchange under\nthe stock symbol BKX.\n\n\nThis document contains certain forward looking statements including\nstatements regarding the Company's intention to complete the private placement\nand its expected use of proceeds. Forward looking information is based on\nmanagement's expectations regarding, among other things, current and future\neconomic and industry conditions and whether or not the private placement will\nbe fully subscribed,...