Proceeds of deal with Quantum intended for general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 27 - BNK Petroleum Inc. said it completed the first tranche of a non-brokered private placement of stock with Quantum Partners LP. The C$66.04 million offering priced Oct. 19.
The company is selling 26 million common shares at C$2.54 per share. It sold 10.6 million shares in this tranche for C$26.92 million. The price per share is a 3.67% premium to the Oct. 18 closing share price of C$2.45.
Proceeds will be used for general corporate purposes, including work commitments on its European shale gas concessions.
Based in Calgary, Alta., BNK Petroleum is an oil and gas exploration and production company.
| Issuer: | BNK Petroleum Inc.
|
| Issue: | Common shares
|
| Amount: | C$66.04 million
|
| Shares: | 26 million
|
| Price: | C$2.54
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Investor: | Quantum Partners LP
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 27 (for C$26,924,000)
|
| Stock symbol: | Toronto: BKX
|
| Stock price: | C$2.45 at close Oct. 18
|
| Market capitalization: | C$346.54 million
|
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