CALGARY, ALBERTA–(Marketwired – Nov. 1, 2016) – Blackbird Energy Inc. (TSX VENTURE:BBI) (“Blackbird” or the “Company“) is pleased to announce that it has closed the previously announced non-brokered private placement of 10,865,000 flow-through common shares (the “Shares“) pursuant to the Income Tax Act (Canada) (“ITA“) in respect of Canadian Development Expenses (“CDE“) at a price of $0.47 per Share for proceeds of $5,106,550 (the “CDE Private Placement“).
Due to strong demand, the CDE Private Placement was upsized from 10,650,000 to 10,865,000 Shares, increasing proceeds from $5,005,500 to $5,106,550.
The proceeds from the CDE Private Placement will be used by the Company to incur eligible CDE with respect to its previously announced strategic accelerated business plan. The Shares are subject to a hold period ending March 2, 2017.
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.