By Devika Patel
Knoxville, Tenn., Oct. 5 - BNP Resources Inc. announced it has entered into an agreement with Acumen Capital Finance Partners Ltd. for a C$1.5 million private placement of shares.
The company will sell 2,142,857 convertible preferred shares at C$0.70 apiece. Each share will be convertible into one class A share at the holder's option for three years and will convert automatically upon maturity.
The shares issued upon conversion will have a four-month hold period.
Settlement is expected on Oct. 16.
Proceeds will be used to fund BNP's exploration drilling program.
BNP is an oil and natural gas exploration and development company based in Calgary, Alta.
| Issuer: | BNP Resources Inc.
|
| Issue: | Convertible preferred shares
|
| Amount: | C$1.5 million (maximum)
|
| Shares: | 2,142,857 (maximum)
|
| Price: | C$0.70
|
| Warrants: | No
|
| Agent: | Acumen Capital Finance Partners Ltd.
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 16
|
| Stock symbol: | TSX Venture: BNX.A
|
| Stock price: | C$0.65 at close Oct. 4
|
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