/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
CALGARY, Feb. 4 /CNW/ - BNP Resources Inc. ("BNP" or the "Company") is
pleased to announce that it has entered into an agreement with Acumen Capital
Finance Partners Limited (the "Agent") to issue on a commercially reasonable
best efforts basis by way of a private placement up to 2,222,223 Class A
Shares (the "Class A Shares") of BNP at a price of $1.35 per Class A Share for
gross proceeds of up to approximately $3,000,000 (the "Offering"). In
addition, at the option of the Agent (the "Agent's Option"), the size of the
Offering may be increased by an additional 740,741 Class A Shares for total
gross proceeds of $4,000,000 if the Agent's Option is fully exercised.
Net proceeds of the Offering will be used for capital expenditures on
BNP's oil and gas properties and to supplement working capital.
Closing of the offering is expected to occur on or about February 20,
2008, and is subject to all necessary regulatory and stock exchange approvals.
The Class A 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, 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 13,594,577 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 the Corporation may be found on the
SEDAR website www.sedar.com or on the Corporation's website
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. Oil equivalent
amounts have been calculated using a conversion rate of six thousand cubic
feet of natural gas to one barrel of oil. BOEs may be misleading, particularly
if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. 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.
The securities being offered have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, for the account or benefit of, U.S. Persons absent
U.S. registration or an applicable exemption from the U.S. registration
requirements. This press release does not constitute an offer to sell or the
solicitation of an offer to purchase securities in the United States.
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)