Finance & Investing | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Bengal Closes Private Placement; Ups Cuisinier Interest
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Bengal Energy has reported the closing of its previously announced non-brokered private placement of 8,000 units of the Company at a price of $1,000 per Unit for aggregate gross proceeds of $8.0 million.
The proceeds from the Private Placement will be used to fund the Company's previously announced purchase of an additional 5.357% interest in its key property, Cuisinier, located in the Cooper-Eromanga Basin in Queensland, Australia.
Following closing of the Acquisition, Bengal's net production participation will increase by more than 20%.
Austral-Asia News
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