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Blackbird Energy Inc. Announces Closing of Second Tranche of Private Placement Drilling License for Bigstone Well
Vancouver, British Columbia --(August 5, 2011) - Blackbird Energy Inc. (TSXV: BBI) ("Blackbird" ...
About this update from Strathcona Resources Ltd.
[{"type":"text","content":"\nBlackbird Energy Inc. Announces Closing of Second Tranche of Private Placement Drilling License for Bigstone Well\n\nVancouver, British Columbia --(August 5, 2011) - Blackbird Energy Inc. (TSXV: BBI) (\"Blackbird\" or the\"Company\"), is pleased to announce that it has closed the second and final tranche of its private placement previously announced on June 17, 2011 (the \"Private Placement\"). \nAn aggregate of 935,000 units, comprised of 425,000 flow-through units (each, a \"FT Unit\") and 510,000 units (each, a \"Unit\") at a price of $0.20 per Unit and $0.20 per FT Unit, were issued pursuant to this tranche for gross proceeds of $187,000. Each Unit consists of one common share in the capital of the Company (each a \"Share\") and one common share purchase warrant (each, a \"Warrant\") exercisable at a price of $0.35 per Share until August 4, 2013. Each FT Unit is comprised of one Share issued on a flow-through basis and one Warrant. Finders acting in connection with the second tranche of the Private Placement will receive finder's fees in the total amount of $12,560 and an aggregate of 62,800 finder's warrants, each finder's warrant entitling the holder thereof to purchase one Share until August 4, 2013. All of the Shares, Warrants and finder's warrants issued pursuant to the Private Placement are subject to a four-month hold period which expires on December 5, 2011.\nThe proceeds from this tranche, along with the proceeds from the first tranche of the Private Placement, will be initially applied to the Company's project with Donnybrook Energy Inc. for the lease construction and drilling of the Montney Horizontal formation well at Bigstone. Closing of the second tranche is subject to final approval from the TSX Venture Exchange. \nInsiders of the Company acquired a total of 100,000 FT Units in the second tranche of the Private Placement (the \"Insider Participation\").The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (\"MI 61-101\") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation did not exceed 25% of the Company's market capitalization.\nBlackbird is also pleased to announce that it and its partners have received the licence at their Bigs...