USD 63.9542

-0.06

EUR 71.1299

+0.23

BRENT 59.29

-0.01

AI-92 42.27

0

AI-95 46.03

0

AI-98 51.79

-0.04

Diesel 46.19

+0.03

12

$45 million financing bought deal concluded for US BNK Petroleum

BNK Petroleum has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Macquarie Capital Markets Canada and Canaccord Genuity Corp, pursuant to which the Underwriters purchased for resale to the public 15,800,000 common shares ('Common Shares') of the Company at $2.85 per Common Share for gross proceeds of $45,030,000 (the 'Offering').

 

BNK Petroleum has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Macquarie Capital Markets Canada and Canaccord Genuity Corp. and including Barclays Capital Canada, BMO Nesbitt Burns, GMP Securities and UBS Securities Canada (together the 'Underwriters'), pursuant to which the Underwriters purchased for resale to the public 15,800,000 common shares ('Common Shares') of the Company at $2.85 per Common Share for gross proceeds of $45,030,000 (the 'Offering').

 

The Underwriters have also been granted an over-allotment option to purchase, on the same terms, up to an additional 2,370,000 Common Shares. This option is exercisable, in whole or in part, by the Underwriters, in their sole discretion, at any time up to 30 days after the closing. Additional gross proceeds of approx. $6,754,500 will be realized should the over-allotment option be exercised in full.

 

The net proceeds from this Offering will be used to repay outstanding debt of approx. US$2,800,000, to fund the Company’s exploration and development program in Europe and the United States and for working capital and general corporate purposes.

Source : BNK Petroleum