Blackbird Energy Inc. (TSXV: BBI) increazed the size of its private placement from $1.5 million to aggregate gross proceeds of up to $2.5 million.
The company is increasing the unit portion of the private placement by $1 million for a total unit offering of up to $2 million. In addition, the units will now consist of one common share and one full warrant with an extended exercise period of five years. The Canadian exploration expense (CEE) flow-through portion of the private placement will remain at $500,000. All other terms of the private placement such as pricing, remain the same.
Net proceeds will be used to support the ongoing drilling operations on the Mantario Well, the re-entry of a well on the Bromhead project, and to supplement cash on hand for working capital purposes.
The private placement is expected to close on or about Nov. 4 and is subject to approval from the TSX Venture Exchange.
Blackbird Energy Inc. is an independent energy company that acquires, explores, and develops petroleum natural gas assets in western Canada. The company is headquartered in Vancouver, B.C.