BGX arranges private placement for up to $2-million

Executive Summary

• Black Gold Exploration Corp. announced a non-brokered private placement of up to 33,333,333 units at $0.06 per unit, targeting gross proceeds of up to $2 million.
• Each unit consists of one common share and one transferable common share purchase warrant exercisable at $0.12 for 24 months, subject to potential acceleration if the share price exceeds $0.25 for three consecutive days.
• Net proceeds will be used for marketing, general working capital, and financing the drilling and completion of wells to increase production and expand reserves.

Key Details

• Offering Size: Up to 33,333,333 units.
• Price: $0.06 per unit.
• Gross Proceeds: Up to $2,000,000.
• Structure: Non-brokered private placement.
• Securities Issued: Each unit comprises one common share and one transferable common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.12 per share.
  • Initial Term: 24 months following closing.
  • Acceleration Clause: If the closing price of common shares on the Canadian Securities Exchange exceeds $0.25 for three consecutive trading days, the company may accelerate the expiry date to 30 days from the date of the acceleration notice (issued within 10 calendar days of the acceleration date).
• Hold Period: Statutory hold period of four months and one day from the date of issuance.
• Conditions Precedent: Completion is subject to necessary approvals, including approval from the Canadian Securities Exchange.
• Use of Proceeds: Marketing, general working capital, and financing the drilling and completion of wells in the company's designated area of mutual interest to increase production and expand reserves.

Notable Quotes

• None provided in the text.