/THIS DOCUMENT IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/
CALGARY, May 14 /CNW/ - BNP Resources Inc ("BNP") is pleased to announce that Mr. Colin F. Ogilvy has subscribed to a private placement of 1,000,000 units, each unit comprising one Class 'A' Share of BNP at $0.10 per share and one-half of one Class 'A' Share purchase warrant, each whole warrant entitling Mr. Ogilvy to acquire one Class A share of BNP at an exercise price of $0.10 for one year from the date of issue.
In addition, BNP has granted options to Mr. Ogilvy to acquire up to 200,000 BNP Class 'A' Shares at a price of $0.10 per share for a term of 5 years. The options vest over a period of 3 years (1/3 on each of the first, second and third anniversary of the grant date).
Both the private placement and the option grant are contingent on the final approval of the TSX-Venture Exchange.
As previously press released, Mr. Ogilvy is a director of BNP Resources Inc. and has over 30 years of Western Canada oil industry experience.
BNP is actively engaged in the exploration for and the development and production of oil and natural gas reserves. BNP's business strategy is to build sustainable and profitable per share growth through internally generated exploration and development drilling.
Prior to this issue, BNP has approximately 25,035,834 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".
Neither the TSX Venture Exchange nor Its Regulation Services Provider (as the term is defined In the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document is not for dissemination or distribution in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
SOURCE BNP Resources Inc.
For further information: For further information: Gregory Bilcox, President and CEO, BNP Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413