Bengal Energy Announces Election by Insiders to Convert Convertible Notes
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.
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.