NEW YORK, Feb. 10, 2017 /CNW/ - Polygon Global Partners LLP ("Polygon") today announces that on October 28, 2016, it completed the acquisition on behalf of an account that it manages (the "Managed Account") and Polygon European Equity Opportunity Master Fund (the "Fund"), a fund that it manages, an aggregate of 13,170,000 common shares (the "Acquired Shares") in the share capital of BNK Petroleum Inc. ("BNK Petroleum"), pursuant to a public offering of common shares by BNK Petroleum (the "Offering"). As a result of Polygon's acquisition of control of the Acquired Shares, the percentage of issued and outstanding common shares of BNK Petroleum (the "Common Shares") that it owned or controlled increased by 3.44% immediately following the Offering. Polygon paid $0.20 per Acquired Share, for aggregate consideration of $2,634,000.
Immediately before the Offering, Polygon owned or controlled 12,000,000 Common Shares, representing approximately 7.38% of the issued and outstanding Common Shares. Immediately following the Offering, Polygon owned or controlled a total of 25,170,000 Common Shares, representing approximately 10.82% of the issued and outstanding Common Shares.
Polygon, on behalf of the Fund, also today disposed of 12,585,000 Common Shares (the "Disposed Shares"), representing approximately 5.41% of the issued and outstanding Common Shares. Following such disposition, Polygon owns or controls 12,585,000 Common Shares, representing approximately 5.41% of the issued and outstanding Common Shares. Polygon received $.2750 per Disposed Share, for aggregate consideration of $3,460,875.
Polygon disposed of the Common Shares on behalf of the Fund in accordance with its investment strategies and objectives.
The head office of BNK Petroleum is located at Suite 350, 760 Paseo Camarillo, Camarillo, California, 93010.
This press release is issued in accordance with the early warning requirements under applicable Canadian securities laws. A copy of the early warning reports required to be filed will appear with BNK Petroleum's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
SOURCE Polygon Global Partners LLP
For further information: or to obtain a copy of the related early warning report, please contact: Polygon Global Partners LLP, 4 Sloane Terrace, London SWIX 9DQ, United Kingdom; Contact: Michael T. Adams, Telephone: +44 20 7901 8300