BOWOOD ENERGY INC. ANNOUNCES CLOSING OF SUBSCRIPTION RECEIPT OFFERING
21 September 2010 - 11:22PM
PR Newswire (Canada)
CALGARY, Sept. 21 /CNW/ -- TSX VENTURE EXCHANGE: BWD /NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./ CALGARY, Sept. 21
/CNW/ - Bowood Energy Inc. ("Bowood" or the "Corporation")
(TSXV:BWD) is pleased to announce that it has completed its
previously announced subscription receipt financing. Bowood,
through a syndicate of agents co-led by GMP Securities L.P. and
Haywood Securities Inc. (collectively, the "Agents") issued a total
of 88,000,000 subscription receipts ("Subscription Receipts") at a
price of $0.25 per Subscription Receipt to raise gross proceeds of
$22 million, including the full exercise of the over-allotment
option. The gross proceeds of the Subscription Receipt financing
will be held in escrow pending the completion of the previously
announced acquisition by the Corporation of certain lands and
leases in Southern Alberta from the Blood Tribe (the
"Acquisition"). If the Acquisition is completed on or before
October 29, 2010, the proceeds will be released to Bowood and each
Subscription Receipt will be exchanged for one common share of
Bowood for no additional consideration. If the Acquisition is not
completed on or before October 29, 2010 or the Acquisition is
terminated at an earlier time, holders of Subscription Receipts
will receive a cash payment equal to the offering price of the
Subscription Receipts and any interest that was earned thereon
during the term of the escrow. The Subscription Receipts will be
listed for trading on the TSXV under the symbol BWD.R. About Bowood
Energy Inc. With operations based in Calgary, Alberta, Bowood
Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned
subsidiary, Bowood Energy Ltd., the Company is engaged in the
acquisition, exploration, development, and production of oil and
gas resources. Projects are currently situated in the Province of
Alberta. Bowood Energy Inc. Robert Mercier, President & CEO
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Bowood in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities to be offered have not been and will not
be registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold within the United States or to or for the account or benefit
of a U.S. Person absent registration or an applicable exemption
from the registration requirements of such Act or laws. Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release. on Bowood Energy Inc. (BWD: TSXV) and to see the updated
corporate presentation please visit the website at:
http://www.bowoodenergy.ca or contact: Michael J. Kryczka, VP
Business Development & CFO, T: (403) 265-2525, E:
mkryczka@bowoodenergy.ca; Mike Curtis, Investor Relations, T: (514)
793-1915, E: mcurtis@cardwellcap.com, You may also request
additional information by emailing info@bowoodenergy.ca
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