Bowood Energy Inc. announces closing of private placement and increase to credit facility
01 Agosto 2012 - 9:53AM
PR Newswire (Canada)
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CALGARY, Aug. 2, 2012 /CNW/ - Bowood Energy Inc. ("Bowood" or the
"Company") is pleased to announce that it has closed its previously
announced private placement of units (the "Financing").
Pursuant to the Financing, Bowood issued a total of 120,000,000
units at a price of $0.05 per unit for gross proceeds of
$6,000,000. Each unit was comprised of one common share
of Bowood and one warrant exercisable to purchase one common share
at an exercise price of $0.065 for a period of 36
months. Securities issued pursuant to the Financing
will be subject to a four month hold period. The Financing was
co-led by a syndicate of agents consisting of GMP Securities L.P.,
Macquarie Capital Markets Canada Ltd. and FirstEnergy Capital
Corp. Directors and officers of Bowood purchased a
total of 31,500,000 units under the Financing. In conjunction with
the closing of the private placement, Bowood's credit facility with
the Canadian Western Bank has been increased from $5.7 million to
$7.0 million. The net proceeds (approximately $5.7 million, after
agent's fees and expenses) of the Financing will be used to reduce
outstanding indebtedness under Bowood's credit facility, which may
be subsequently redrawn to fund capital expenditures and for
general corporate purposes. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. Bowood Energy
Inc. CONTACT: Trent J. Yanko, P.Eng.President + CEOMatt JanischVice
President, Finance + CFO4400, 525 - 8th Avenue S.W.Calgary, AB T2P
1G1Telephone: 403.441.2300
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