BNK Petroleum Closes Private Placement
BNK Petroleum has closed its previously announced private placement for gross proceeds of $5,100,000. From the net proceeds of the financing, the Company will make a U.S. $500,000 loan repayment to Bankers Petroleum Ltd. ("Bankers") under its subordinated loan agreement with Bankers. In addition, the Company will repay U.S. $1 million of unsecured non-interest bearing loans previously made to the Company by three of its directors and its Chief Executive Officer. The balance of the net proceeds will be used by the Company for general working capital purposes.
All common shares issued pursuant to this financing will be subject to a four month hold period which expires on November 15, 2009.
A new presentation is posted on the Company's website which contains current information on the Company's activities in the Tishomingo field as well as the recently announced concessions in Poland. BNK is continuing to undertake geologic mapping and data acquisitions in other parts of Europe in order to evaluate additional opportunities.