Bengal Energy Announces Election by Insiders to Convert Convertible Notes
22 Juillet 2013 - 2:00PM
PR Newswire (Canada)
CALGARY, July 22, 2013 /CNW/ - Bengal Energy (TSX:
BNG) ("Bengal", or the "Company") is pleased to announce that
certain insiders of the Company have elected to convert
$1.5 million of short-term
convertible notes (the "Convertible Notes"), into common shares
("Common Shares") of Bengal at an exercise price of $0.56 per Common Share. The Convertible
Notes were issued pursuant to a private placement of $3.5 million of both Convertible and
non-convertible Notes (the "Notes"), of which insiders of the
Company purchased approximately 85% of all Notes.
The Convertible Notes come due July 24, 2013, and insiders have elected to
convert their $1.5 million of
Convertible Notes into 2,678,392 free trading Common Shares.
About Bengal
Bengal Energy Ltd. is an international junior oil and gas
exploration and production company based in Calgary, Alberta. The Company is committed to
growing shareholder value through international exploration,
production and acquisitions. Bengal trades on the TSX under the
symbol BNG. Additional information is available at
www.bengalenergy.ca.
SOURCE Bengal Energy Ltd.
Copyright 2013 Canada NewsWire
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