Canada’s Blackbird Energy announces $12.4 mln private placement

Canadian oil and gas exploration company Blackbird Energy has announced a non-brokered private placement of 32.5 million common shares of the company for aggregate gross proceeds of $12.4 million.

Under the placement, 20 million common shares will be issued on a flow-through basis 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  at a price of $0.40 per share for gross proceeds of $5 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.

The company will pay cash finder's fees to eligible finders of up to 4 percent of the gross proceeds received in connection with the private placement.