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BNK Petroleum Inc. announces the closing of $5.1 million private placement
CALGARY, July 16 /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, July 16 /CNW/ - BNK Petroleum Inc. (TSX: BKX) (the "Company") is\npleased to announce that it has closed its previously announced private\nplacement for gross proceeds of $5,100,000. From the net proceeds of the\nfinancing, the Company will make a U.S.$500,000 loan repayment to Bankers\nPetroleum Ltd. ("Bankers") under its subordinated loan agreement with Bankers.\nIn addition, the Company will repay U.S. $1 million of unsecured non-interest\nbearing loans previously made to the Company by three of its directors and its\nChief Executive Officer. The balance of the net proceeds will be used by the\nCompany for general working capital purposes.\n\n\nAll common shares issued pursuant to this financing will be subject to a\nfour month hold period which expires on November 15, 2009.\n\n\nA new presentation is posted on the Company's website which contains\ncurrent information on the Company's activities in the Tishomingo field as\nwell as the recently announced concessions in Poland. BNK is continuing to\nundertake geologic mapping and data acquisitions in other parts of Europe in\norder to evaluate additional opportunities.\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, and involves significant known and unknown risks and\nuncertainties, which could cause actual results to differ materially from\nthose anticipated. These risks include, but are not limited to: the risks\na...