/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, July 18 /CNW/ - BNK Petroleum Inc. (TSX: BKX) is pleased to
announce it has entered into an agreement with Canaccord Capital Corporation
as lead underwriter on behalf of a syndicate of underwriters, pursuant to
which such underwriters have agreed to purchase, on a bought deal private
placement basis, 11,000,000 common shares of BNK Petroleum Inc. at a price of
$1.85 per common share. Gross proceeds of the offering will be $20,350,000.
In addition, the Underwriters will be entitled to an option, exercisable
prior to the closing date of the offering, to purchase up to an additional
2,600,000 common shares at $1.85 per common share for additional gross
proceeds of up to $4,810,000.
The net proceeds from this financing will be used for general corporate
All common shares issued pursuant to this financing will be subject to a
four month hold period commencing on the date of closing. Closing is expected
to occur on or about August 14, 2008, subject to receipt of all necessary
regulatory and stock exchange approvals.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a California based oil and gas exploration and
production company focused on finding and exploiting large oil and gas
resource plays. The Company holds an average of 50% interest in the Tishomingo
gas field in Oklahoma and varied interests in three other areas in the
Northern and Central regions of the United States, where it is currently
pursuing the exploration, development and production of shale and tight sand
gas plays. The Company's shares are traded on the Toronto Stock Exchange under
the stock symbol BKX.
For further information:
For further information: Wolf Regener, President and Chief Executive
Officer, (805) 484-3613; C.S. (Juneyt) Tirmandi, Chief Financial Officer,