CALGARY, Feb. 23, 2012 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") would like to announce that it has completed a share for debt deal with one (1) "Creditor" totaling approximately $36,740.03. The debt obligation relates to services rendered to BNP by the Creditor. Under the shares for debt settlement BNP will issue approximately 367,400 Class "A" shares to the Creditor at a price of $0.10 per Class "A" share. The settlement constitutes full satisfaction of the $36,740.03 debt obligation that is owed by BNP to the Creditor. Upon issuance of the Class "A" shares to the Creditor, the debt owed the Creditor and obligations of BNP related to the debt deal will be fully extinguished. The shares upon issuance are subject to a four (4) month hold period.
The above agreement is subject to final approval of the TSX-Venture Exchange.
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.
BNP has approximately 54,752,654 Class A share issued and outstanding which trade on the TSX Venture Exchange under the symbols "BNX.A".
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.
For further information:
Gregory Bilcox, President and CEO
BNP Resources Inc.