/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Sept. 13 /CNW/ - BNP Resources Inc. ("BNP") is pleased to
announce that it has successfully closed a portion of a previously announced
private placement of Class A shares to be issued on a "flow-through" basis
("Flow-Through Shares"). A total of 984,500 Flow-Through Shares were issued at
a price of $0.84 per share, for total gross proceeds of $826,980.00. Acumen
Capital Finance Partners Limited ("Acumen") acted as the agent.
The closing forms part of an agreement between BNP and Acumen to issue up
to 2,381,000 Flow-Through Shares by way of private placement at a price of
$0.84 per share, for gross proceeds of up to $2,000,040.
In addition, BNP has also agreed to grant Acumen an over-allotment option
exercisable prior to closing, of up to 2,381,000 Flow-Through Shares at the
same price, for additional gross proceeds of up to $2,000,040, which would
increase the Offering to $4,000,080, if fully exercised.
Proceeds from the offering will be used to incur qualifying expenditures
to fund BNP's ongoing exploration drilling program in its core focus areas.
The Flow-Through Shares will be subject to a four month hold period from
the date of closing of the private placement.
BNP is actively engaged in the exploration for, the development and
production of, natural gas and oil reserves. BNP's business strategy is to
build sustainable and profitable per share growth through selective
acquisitions and internally generated exploration and development drilling.
BNP has approximately 8,500,000 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)