Bengal Closes Private Placement; Ups Cuisinier Interest
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%.
Announced Date
July 08,2013
Value ( $MM )
8
Type
Equity
Use of Fund
Fund Acquisition
Company
Bengal Energy Ltd
Regions
Austral-Asia
Country
Australia
Play
Australia Oil & Gas