Bengal Energy Provides Update on Debt Settlement and Equity Financing

Source: www.gulfoilandgas.com 2/19/2021, Location: Not categorized

Bengal Energy Ltd. is pleased to provide an update with respect to its previously announced debt settlement transaction (the "Debt Settlement") and concurrent private placement. Bengal has now received formal written notification from the Australian Foreign Investment Review Board that it will not object to the Private Placement. As previously announced, the Toronto Stock Exchange (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.

Subject to the satisfaction of the remaining normal course closing conditions, Bengal expects that closing of the Debt Settlement and concurrent private placement will occur on or prior to February 26, 2021.


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