By Devika Patel
Knoxville, Tenn., Dec. 10 - BNP Resources Inc. priced a private placement of shares for up to C$1.5 million.
The company plans to sell up to 666,667 class A flow-through shares at C$1.50 each for C$1 million and up to 357,143 class A common shares at C$1.40 apiece for C$500,000.
Acumen Capital Finance Partners Ltd., the agent, has a greenshoe for an additional 1,333,334 flow through shares, or C$2 million, and an additional 178,572 common shares, or C$250,000.
Proceeds will be used to incur qualifying expenditures to fund BNP's oil and gas properties and to supplement working capital.
Settlement is expected on Dec. 21.
BNP is an oil and natural gas exploration and development company based in Calgary, Alta.
Issuer: | BNP Resources Inc.
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Issue: | Class A common shares, class A flow-through shares
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Amount: | C$1.5 million
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Greenshoe: | For C$2.25 million (1,333,334 flow-through shares, 178,572 common shares)
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Warrants: | No
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Agent: | Acumen Capital Finance Partners Ltd.
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Pricing date: | Dec. 10
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Settlement date: | Dec. 21
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Stock symbol: | TSX Venture: BNX.A
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Stock price: | C$1.80 at close Dec. 7
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Common shares
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Amount: | C$500,000
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Shares: | 357,143
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Price: | C$1.40
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Flow-through shares
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Amount: | C$1 million
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Shares: | 666,667
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Price: | C$1.50
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