/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, Feb. 20 /CNW/ - BNP Resources Inc. ("BNP") is pleased to
announce that it has successfully closed a previously announced private
placement (the "Offering") of Class A shares ("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
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".
Further information with regards to BNP may be found on the SEDAR website
www.sedar.com or on BNP's website www.bnpresources.com.
ADVISORY: This press release may contain forward-looking statements
including management's assessment of future plans and operations and
expectations of future production, cash flow and earnings. These statements
are based on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ materially from
those anticipated. These risks include, but are not limited to: the risks
associated with the oil and gas industry (e.g. operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses and health, safety and
environmental risks), commodity price and exchange rate fluctuation and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. The
forward-looking statements contained in this press release are made as of the
date hereof and BNP undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Gregory Bilcox, President and CEO, BNP
Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413; Gordon B. Paul, VP
Finance and CFO, BNP Resources Inc., Phone: (403) 695-1095, Fax: (403)