BNP Resources Increases Size of Previously Announced Financing
BNP Resources Inc. reported that as a result of the positive response to the previously announced Class A Share offering described in its press release of February 4, 2008, BNP has agreed to increase the size of the option granted to the agent, Acumen Capital Finance Partners Limited, and exercisable prior to closing from 740,741 Class A Shares at a price of $1.35 per Class A Share to 1,111,111 Class A Shares at a price of $1.35 per Class A Share. If the Agent's Option is exercised in full, the total offering increases from $4,000,000 to $4,500,000.90.
Net proceeds of the offering will be used for capital expenditures on BNP's oil and gas properties and to supplement working capital. Closing of the offering is expected to occur on or about February 20, 2008, and is subject to all necessary regulatory and stock exchange approvals.
The shares will be subject to a four month hold period from the date of closing of the private placement.
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- BNP Undertakes Completion Work, Plans 6 Wells for Jensen Area (Jul 09)