Bukit Energy Press Release
October 17, 2013
Bukit Energy Closes Private Placement
Privately-held Bukit Energy Inc. says it has successfully closed a brokered private placement of Series B convertible preferred shares and closed its warrant amendment offer to its warrant holders for gross proceeds of $13.17 million.
The private placement was completed at a price of $1.25 per Series B share and the amended warrant terms afforded an effective $1.25 exercise price per Series B share. Each is convertible into one common share of Bukit at a value of $1.25 per common share, subject to certain adjustments and additional rights and restrictions attached to each Series B share.
Calgary-based Bukit, which has an operations office in Jakarta, Indonesia, said it intends to use the proceeds of this financing to continue its onshore Sumatran drilling program and to further advance its targeted conventional and unconventional land capture. Through its wholly owned Singapore subsidiaries the company holds interests in the Kisaran, Mahato and Bohorok production sharing contracts and various other conventional and unconventional Indonesia joint study agreements.
Macquarie Capital Markets Canada Ltd. acted as sole agent for the brokered private placement.
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