May 19, 2016
NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to announce that it has closed its previously announced marketed public offering of 176,410,000 units ("Units") of the Company at a price of $0.15 per Unit and 15,410,000 common shares of the Company ("Common Shares") issued on a "CDE flow-through" basis ("Flow-Through Shares") at a price of $0.15 per Flow-Through Share for aggregate gross proceeds of $28,773,000 (the "Offering"), which includes 23,010,000 Units and 2,010,000 Flow-Through Shares issued pursuant to the exercise in full of the over-allotment options.
Each Unit consists of one Common Share and one Common Share purchase warrant of the Company ("Warrant"). Each Warrant entitles the holder thereof to acquire, subject to adjustment in accordance with the indenture governing the Warrants, one Common Share (each, a "Warrant Share") at an exercise price of $0.30 per Warrant Share, at any time prior to the date that is 60 months following the closing date of the Offering. The Warrants have been conditionally approved for listing to trade on the TSX Venture Exchange and are anticipated to commence trading at the open on Tuesday, May 24, 2016. The Warrants will trade under the symbol "BBI.WT".
The Offering was co-led by Dundee Securities Ltd. and Haywood Securities Inc., and included Scotia Capital Inc., Raymond James Ltd., Cormark Securities Inc. and Mackie Research Capital Corporation.
Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
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