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

To: Goose94 who wrote (20354)	8/9/2016 8:35:35 AM
From: Goose94	Read Replies (1) \| Respond to of 202365

Bellatrix Exploration (BXE-T) Aug 9, '16 is pleased to announce that it has closed its previously announced bought deal financing (the "Offering") through a syndicate of underwriters (the "Underwriters"), pursuant to which the Company has issued and sold $50 million aggregate principal amount of 6.75% extendible unsecured subordinated convertible debentures (the "Debentures") at a price of $1,000 per Debenture and 25,000,000 subscription receipts (the "Subscription Receipts") at a price of $1.20 per Subscription Receipt for aggregate gross proceeds from the Offering of $80 million. In connection with the Offering, Bellatrix also granted the Underwriters an option to purchase up to an additional 3,750,000 Subscription Receipts at a price of $1.20 per Subscription Receipt for aggregate gross proceeds of up to $4.5 million and $7.5 million aggregate principal amount of Debentures to cover over-allotments and for market stabilization purposes, exercisable in whole or in part at any time, and from time to time, until 30 days after the closing date of the Offering. The gross proceeds from the sale of the Subscription Receipts and the Debentures (the "Escrowed Funds") will be held by Computershare Trust Company of Canada until the closing of the Company's previously announced sale of a 35% minority interest in the Bellatrix O'Chiese Nees-Ohpawganu'ck deep-cut gas plant at Alder Flats to Keyera Partnership (the "Disposition"). Upon the closing of the Disposition, the Escrowed Funds (less the remaining portion of the fee payable to the Underwriters) will be released to Bellatrix. Bellatrix will utilize the Escrowed Funds to reduce the indebtedness under the Company's credit facilities. The Disposition is expected to close later today. Upon closing of the Disposition, the holders of Subscription Receipts will automatically receive one common share in the capital of the Company for each Subscription Receipt held, without payment of additional consideration or further action on the part of such holder. In addition, upon closing of the Disposition prior to a Termination Event, the maturity date of the Debentures, which will be initially set at September 30, 2016 (or an earlier date under certain circumstances including if the agreement relating to the Disposition (the "Disposition Agreement") is terminated prior to September 30, 2016), will be automatically extended until September 30, 2021. If: (i) at 5:00 p.m. (Calgary time) on September 30, 2016, or such later date as may be agreed between the Corporation and National Bank Financial Inc., on behalf of the Underwriters, provided in no event may such date be extended beyond November 11, 2016 (the "Deadline"), the Disposition has not closed; (ii) at any time prior to the Deadline, the Disposition Agreement is terminated in accordance with its terms; or (iii) at any time prior to the Deadline, Bellatrix has advised the Underwriters or announced to the public that the Company does not intend to proceed with the Disposition (any such event being a "Termination Event"), holders of Subscription Receipts and Debentures shall receive an amount equal to the full subscription price attributable to such holders' Subscription Receipts or Debentures, as applicable, plus their pro rata share of the interest earned on such amount up to and including the time of such Termination Event. In addition, upon the occurrence of a Termination Event, holders of Debentures will be entitled to receive from the Company, any additional amounts owing in excess of the portion of the Escrowed Funds released to such holders to account for interest accrued up to, but excluding, the Initial Maturity Date. Additional details relating to the Subscription Receipts and the Debentures, including the terms relating to the conversion, redemption and maturity of the Debentures, can be found in the final short form prospectus of the Company dated August 2, 2016, which is available on SEDAR at www.sedar.com. In addition, copies of the agreement governing the terms of the Subscription Receipts and the indenture governing the terms of the Debentures will be available on SEDAR at www.sedar.com and through the United States Securities and Exchange Commission website at www.sec.gov. Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. Common shares of Bellatrix trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BXE. bellatrixexploration.com