BNP Resources Inc. is pleased to announce that it has successfully closed a previously announced private placement of Class A shares. Including the agent's option, a total of 3,333,334 Class A Shares were issued at a price of $1.35 per share, for total aggregate gross proceeds of $4,500,000.90. Acumen Capital Finance Partners Limited acted as the agent in respect of the Offering.
Proceeds of the Offering will be used for capital expenditures on BNP's oil and gas properties and to supplement working capital.
The Class A Shares will be subject to a four month hold period from the date of closing of the Offering.
BNP is actively engaged in the exploration for, the development and production of, oil and natural gas reserves. BNP's business strategy is to build sustainable and profitable per share growth primarily through internally generated exploration and development drilling opportunities.
BNP has approximately 16,961,244 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols "BNX.A and "BNX.B". -- www.cnxmarketlink.com
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