TSX, NYSE: BXE
CALGARY, Oct. 4, 2016 /PRNewswire/ - Bellatrix
Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is
pleased to announce that it has entered into an agreement with an
underwriter, pursuant to which the underwriter has agreed to
purchase on a bought deal basis 8,474,576 common shares of
Bellatrix, which will be issued on a private placement
"flow-through" basis in respect of Canadian Development Expenses
("CDE") at a price of $1.18 per share
resulting in gross proceeds of $10
million (the "Private Placement"). The Private
Placement is expected to close on or about October 27, 2016.
Proceeds from the Private Placement will be used to partially
finance the Company's drilling and completion expenditures during
the remainder of 2016. Bellatrix shall, pursuant to the
provisions in the Income Tax Act (Canada), incur eligible CDE (the "Qualifying
Expenditures"), after the closing date and prior to December 31, 2016 in the aggregate amount of not
less than the total amount of the gross proceeds raised from the
issue of the subject flow-through common shares. Bellatrix shall
renounce the Qualifying Expenditures so incurred to the purchasers
of the flow-through common shares on or prior to December 31, 2016.
The Private Placement is subject to certain conditions including
normal regulatory approvals and specifically, the approval of the
Toronto Stock Exchange. The common shares issued in connection with
the Private Placement will be subject to a statutory hold period of
four months plus one day from the date of completion of the Private
Placement, in accordance with applicable securities
legislation.
Bellatrix Exploration Ltd. is a Western Canadian based growth
oriented oil and gas company engaged in the exploration for, and
the acquisition, development and production of oil and natural gas
reserves in the provinces of Alberta, British
Columbia and Saskatchewan. Common shares of Bellatrix
trade on the Toronto Stock Exchange and on the New York Stock
Exchange under the symbol BXE.
All amounts in this press release are in Canadian dollars unless
otherwise identified.
The common shares have not and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements under the
U.S. Securities Act. This press release does not constitute an
offer to sell or a solicitation of any offer to buy the common
shares in the United
States.
Forward looking statements:
This press release contains forward-looking statements within
the meaning of applicable securities laws. The use of any of the
words "may", "expects" , "remain", "intends", "anticipates",
"ongoing", "initiative" and similar expressions are intended to
identify forward-looking statements. More particularly and without
limitation, this press release contains forward-looking statements
concerning the expected timing for closing of the Private
Placement, the expected use of proceeds from the Private Placement
and the Company's expectation that it shall incur and renounce
Qualifying Expenditures after the closing date and prior to
December 31, 2016 in the aggregate
amount of not less than the total amount of the gross proceeds
raised from the Private Placement.
Forward-looking statements necessarily involve risks,
including, without limitation, risk that all necessary approvals
for the closing of the Private Placement are not received, other
conditions for the closing of the Private Placement are not
satisfied or any other events occur that delay or prevent the
closing of the Private Placement and that the Company is not able
to incur and renounce Qualifying Expenditures prior to December 31, 2016. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of the risk factors set out and other known and unknown
risks, uncertainties, and other factors, many of which are beyond
the control of Bellatrix. In addition, forward-looking statements
or information are based on a number of factors and assumptions
which have been used to develop such statements and information but
which may prove to be incorrect and which have been used to develop
such statements and information in order to provide shareholders
with a more complete perspective on Bellatrix's future operations.
Such information may prove to be incorrect and readers are
cautioned that the information may not be appropriate for other
purposes. Although the Company believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking
statements because the Company can give no assurance that such
expectations will prove to be correct.
In addition to other factors and assumptions which may be
identified herein, assumptions have been made regarding, among
other things: that all necessary approvals for the closing of the
Private Placement will be received, other conditions for the
closing of the Private Placement will be satisfied, no other events
will occur that delay or prevent the closing of the Private
Placement and no events will occur that prevent the Company from
incurring and renouncing Qualifying Expenditures prior to
December 31, 2016. Readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which have been used. As a consequence, actual
results may differ materially from those anticipated in the
forward-looking statements. Additional information on these and
other factors that could affect Bellatrix's operations and
financial results are included in reports (including, without
limitation, under the heading "Risk Factors" in the Company's
Annual Information Form for the year ended December 31, 2015) on file with Canadian and US
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com), through the SEC website
(www.sec.gov), and at Bellatrix's website
(www.bellatrixexploration.com). Furthermore, the forward-looking
statements contained herein are made as at the date hereof and
Bellatrix does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required by applicable securities laws.
SOURCE Bellatrix Exploration Ltd.