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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (9249)	9/22/2014 6:05:01 PM
From: Goose94	Read Replies (2) \| Respond to of 202374

Blackbird Energy (BBI-V) Sept 22, '14 has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc., and including Raymond James Ltd., Haywood Securities Inc., TD Securities Inc., Cormark Securities Inc. and Jennings Capital Inc., pursuant to which the underwriters have agreed to purchase on a bought-deal private placement basis 86,207,000 special warrants and 14,706,000 common shares to be issued on a flow-through basis in respect of Canadian exploration expenses at a price of 29 cents per special warrant and 34 cents per flow-through share for gross proceeds of $30.0-million. In addition, the company intends to complete a non-brokered private placement of special warrants of up to 18,813,800 special warrants at a price of 29 cents per special warrant for gross proceeds of $5.5-million. Garth Braun, Blackbird's chief executive officer, commented: "These financings are transformative for the company and allow Blackbird to reach the next level in its development. Blackbird has captured an exceptional land base in its core Montney area, and with these financings the company is positioned to deliver additional value to its shareholders from an accelerated drilling program, ability to delineate its extensive liquids-rich Montney resource and pursue incremental strategic acquisitions in its core area." Total gross proceeds from the financings and non-brokered private placement will be $35.5-million. Blackbird currently has over $9.0-million of positive working capital on its balance sheet, and after closing of the financings and non-brokered private placement, Blackbird expects to have approximately $42.8-million of cash and net working capital. Blackbird intends to use the net proceeds from the offering along with its current net working capital balance to finance continuing exploration and development of its core Montney lands at Wapiti, potential strategic acquisitions, and for general and corporate purposes. In addition to the financings, Blackbird is also pleased to announce that it has appointed Kevin Andrus as an independent member to its board of directors. "We are very excited to welcome Kevin as a partner and board member of Blackbird, Kevin brings extensive experience to our board from a financial and capital markets perspective," said Garth Braun, Blackbird's chief executive officer. Mr. Andrus is the portfolio manager of energy investments with GMT Capital Corp., a private investment company based in Atlanta, Ga. A graduate with a master of business administration from Regis University, Mr. Andrus is also a chartered financial analyst charter holder, who has spent the past two decades with various investment management companies. Mr. Andrus also sits on the board of DeeThree Exploration Ltd. Each special warrant will entitle the holder thereof to receive one common share of the company and will be exercisable by the holders thereof at any time after the closing date for no additional consideration and all unexercised special warrants will be deemed to be exercised on the earlier of: the date that is four months and a day following the closing date and the third business day after a receipt is issued for a (final) prospectus by the securities regulatory authorities in each of the provinces of Canada, except Quebec, where the special warrants are sold qualifying the common shares to be issued upon the exercise or deemed exercise of the special warrants. The company has agreed to use its commercially reasonable best efforts to obtain such receipt for the final qualification prospectus on or prior to the date that is 60 days from the closing date. The financings and non-brokered private placement are scheduled to close concurrently on or about Oct. 15, 2014, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and other securities regulatory authorities as applicable.