Bengal Energy Ltd. (BNG.TO) announced that it has priced its brokered private placement of up to about 8.33 million common Shares at a price of C$0.60 per share for aggregate gross proceeds of up to about C$5.00 million.
The Offering is being conducted on a commercially reasonable "best efforts" basis through a syndicate of agents to be led by Toll Cross Securities Inc. and National Bank Financial Inc. or "Agents".
The Agents will also have the option to increase the maximum size of the Offering by an additional 15% at any time up to 24 hours prior to the closing date of the Offering.
The company has agreed to pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering, excluding up to C$1.00 million of President's list orders.
The net proceeds of the Offering will be used for continued exploration and development of the Company's oil and gas properties and for general working capital purposes.
The Offering is scheduled to close on or about April 12, 2013 and is subject to certain conditions including, but not limited to, completion of satisfactory due diligence investigations by the Agents and the receipt of all necessary regulatory approvals. The Common Shares to be issued in connection with the Offering will be subject to a four-month hold period.
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