-- Bengal Energy (BNG.TO) plans to raise $1.5 million through a non-brokered private placement of shares, the company said on Friday.
The company will place 42.3 million shares at $0.035 apiece. A director, Bill Wheeler, is interested in subscribing for 28.6 million shares for $1.0 million, a statement added.
Proceeds will be used to develop the Ramses property in Queensland's Cooper Basin and to repay the $1.15 million demand promissory note with Texada Capital Management, that was issued on April 6.
The offering will close on April 30.
Bengal Energy shares closed down $0.005, to $0.04, on Thursday on the TSX Venture Exchange.