Bowood Energy Inc. Completes Rights Offering, Changes its Name to LGX Oil + Gas Inc. and Consolidates Common Shares
August 19 2012 - 12:43PM
PR Newswire (Canada)
CALGARY, Aug. 20, 2012 /CNW/ - Bowood Energy Inc. ("Company") is
pleased to announce that it has completed its previously announced
rights offering. Pursuant to the rights offering, the Company
issued a total of 10,639,827 pre-consolidation common shares at a
price of $0.05 per share for gross proceeds of $531,991.35. The
Company is also pleased to announce that it has filed articles of
amendment today to change its name to LGX Oil + Gas Inc. and
consolidate its common shares on a 20 to 1 basis. The
consolidated common shares will commence trading on the TSX Venture
Exchange at the opening of trading on August 22, 2012 under the
symbol OIL. The name change and consolidation were approved
by the shareholders of the Company at a meeting held on July 5,
2012. Following the consolidation, the Company will have a
total of 30,278,660 common shares outstanding. No fractional
post-consolidation common shares will be issued and no cash will be
paid in lieu of fractional post-consolidation common shares. Any
fractional common shares resulting from the consolidation will be
rounded to the nearest whole common share. Letters of transmittal
for the exchange of certificates of pre-consolidation common shares
for post-consolidation common shares will be mailed to registered
shareholders. Shareholders who do not have shares registered in
their name, such as shareholders holding their shares through
brokerage accounts, will not need to submit a letter of
transmittal. The Company is expected to release its second quarter
results on August 28, 2012; concurrent with this release a new
website (www.lgxoil.com), along with an updated corporate
presentation is expected to be available. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release. Bowood Energy Inc. CONTACT: Trent J. Yanko,
P.Eng.President + CEOMatt JanischVice President, Finance + CFO4400,
525 - 8th Avenue S.W.Calgary, AB T2P 1G1Telephone: 403.441.2300
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