/NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
CALGARY, July 17, 2013 /CNW/ - Texada Capital Management Ltd. ("Texada"), a private company controlled by William (Bill) Wheeler, a director of Bengal Energy Ltd. (the "Company"), reports that on July 17, 2013, it converted $1,000,000 principal amount of short-term convertible notes (the "Convertible Notes") of the Company into 1,785,714 common shares ("Common Shares") of the Company. The Convertible Notes were previously issued at a purchase price of $1,000 per $1,000 principal amount of Convertible Notes pursuant to a private placement offering that closed on January 25, 2013 and mature on July 24, 2013.
Following the conversion of the Convertible Notes, Mr. Wheeler beneficially owns, directly and indirectly, 8,513,384 Common Shares, representing approximately 13.3% of the currently outstanding Common Shares, which includes Common Shares held by Texada. A copy of the early warning report will be filed on SEDAR at www.SEDAR.com with respect to the conversion of the Convertible Notes by Texada and will be available from the offices of the Company at: Suite 1810, 801 - 6th Avenue S.W., Calgary, Alberta T2P 3W2.
This press release does not constitute an offer of the Common Shares issuable on conversion of the Convertible Notes for sale in the United States or in any jurisdiction in which such offer or sale would be unlawful. The Common Shares issuable on conversion of the Convertible Notes have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under that Act.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international exploration, production and acquisitions. The Company trades on the TSX under the symbol BNG. Additional information is available at www.bengalenergy.ca.
SOURCE: Texada Capital Management Ltd.
For further information: