Blackbird Energy Inc. (ticker: BBI) announced today a non-brokered private of 32.5 million common shares of the Company for aggregate gross proceeds of $12.4 million, of which: 20.0 million common shares will be issued on a “flow-through” basis in respect of Canadian Development Expenses (“CDE”) at a price of $0.37 per share for gross proceeds of $7.4 million; and 12.5 million common shares will be issued on a “flow-through” basis in respect of Canadian Exploration Expenses (“CEE”) at a price of $0.40 per share for gross proceeds of $5.0 million.
Proceeds from the Private Placement will be used to partially fund the Company’s exploration and development drilling and completion expenditures during the remainder of 2018. Pursuant to the provisions in the Income Tax Act(Canada), Blackbird will incur eligible CDE and CEE prior to December 31, 2018, in the aggregate amount of not less than the total gross proceeds of the CDE and CEE private placements.
Blackbird Energy will pay cash finder’s fees to eligible finders of up to 4% of the gross proceeds received in connection with the Private Placement.
About Blackbird
Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information, please view our Corporate Presentation at www.blackbirdenergyinc.com or contact:
Blackbird Energy Inc.
Garth Braun
Chairman, CEO, and President
(403) 500-5550
gbraun@blackbirdenergyinc.com
Allan Dixon
Manager, Business Development
(403) 699-9929 Ext. 103
adixon@blackbirdenergyinc.com
