Mr. Robert Mercier reports
BOWOOD ENERGY INC. ANNOUNCES CLOSING OF SUBSCRIPTION RECEIPT OFFERING
BowoodEnergy Inc. has completed its previously announced subscription receiptfinancing. Bowood, through a syndicate of agents co-led by GMPSecurities L.P. and Haywood Securities Inc. (collectively, the"Agents") issued a total of 88,000,000 subscription receipts("Subscription Receipts") at a price of
.25 per Subscription Receiptto raise gross proceeds of $22 million, including the full exercise ofthe over-allotment option.
The gross proceeds of the SubscriptionReceipt financing will be held in escrow pending the completion of thepreviously announced acquisition by the Corporation of certain landsand leases in Southern Alberta from the Blood Tribe (the"Acquisition"). If the Acquisition is completed on or before October29, 2010, the proceeds will be released to Bowood and each SubscriptionReceipt will be exchanged for one common share of Bowood for noadditional consideration. If the Acquisition is not completed on orbefore October 29, 2010 or the Acquisition is terminated at an earliertime, holders of Subscription Receipts will receive a cash paymentequal to the offering price of the Subscription Receipts and anyinterest that was earned thereon during the term of the escrow.
The Subscription Receipts will be listed for trading on the TSXV under the symbol BWD.R.
We seek Safe Harbor.