CALGARY, July 22, 2013 /CNW/ - Bengal Energy (TSX: BNG) ("Bengal", or the "Company") is pleased to announce that certain
insiders of the Company have elected to convert $1.5 million of
short-term convertible notes (the "Convertible Notes"), into common
shares ("Common Shares") of Bengal at an exercise price of $0.56 per
Common Share. The Convertible Notes were issued pursuant to a private
placement of $3.5 million of both Convertible and non-convertible Notes
(the "Notes"), of which insiders of the Company purchased approximately
85% of all Notes.
The Convertible Notes come due July 24, 2013, and insiders have elected
to convert their $1.5 million of Convertible Notes into 2,678,392 free
trading Common Shares.
Bengal Energy Ltd. is an international junior oil and gas exploration
and production company based in Calgary, Alberta. The Company is
committed to growing shareholder value through international
exploration, production and acquisitions. Bengal trades on the TSX
under the symbol BNG. Additional information is available at www.bengalenergy.ca.
SOURCE: Bengal Energy Ltd.
For further information:
Bengal Energy Ltd.
Chayan Chakrabarty, President and CEO
Bryan Goudie, CFO