Bengal Energy Ltd.: Bengal Energy Announces Fiscal 2021 Third Quarter Results and Subsequent Event Notice
Calgary, Alberta--(Newsfile Corp. - February 12, 2021) -
Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial results for the third quarter of fiscal 2021 ended December 31, 2020.
Subsequent Event Notice
As previously announced, Bengal has reached an agreement with its senior secured lender Westpac Banking Corporation ("Westpac") to settle all principal amounts outstanding under the credit facility (the "Credit Facility") and extinguish the debt owing to Westpac (the "Debt Settlement"). To facilitate the Debt Settlement, the Company entered into an agreement with Texada Capital Management Ltd. ("Texada") to invest US$10 million to settle the outstanding debt plus an additional CAD$4 million to assist with the Company's working capital needs and its development activities in the Cooper Basin in the upcoming year. In exchange, Texada will receive common shares priced at CAD$0.05 per share (the "Private Placement"). The transaction is subject to the acceptance of the Private Placement by the Toronto Stock Exchange ("TSX") and the Australian Foreign Investment Review Board. The TSX has conditionally approved the Private Placement, subject to Bengal fulfilling all of the requirements of the TSX on or before March 5, 2021.