Press Releases
2012-08-09 15:35 ET - News Release
Mr. Paul Preston reports
BALATON ANNOUNCES PRIVATE PLACEMENT, NAME CHANGE AND CONSOLIDATION
Balaton Power Inc. intends to undertake a non-brokered private placement of 10-per-cent unsecured convertible debentures in a total principal amount of up to $120,000 (U.S.). The debentures will be due and payable on the date that is two years from the date of issuance.
The principal amount of the debentures is convertible into units of the company at a conversion price of 0.75 cent per unit. Interest accrued will be paid upon repayment of principal or conversion of the debentures, in cash or units, at the option of the holder. Each unit will be composed of one share and one share purchase warrant with each warrant entitling the holder to acquire a further common share of the company for a term of two years at a price of one cent per share. All common shares issuable upon conversion of the debentures and the warrants will be subject to applicable hold periods.
The proceeds from this placement will be used for the company's Voisey's Bay West property in Labrador and for general working capital. The company may pay finder's fees on funds raised from certain subscribers, subject to regulatory approval and applicable securities laws.
The board of directors has also approved a name change of the company from Balaton Power to Bengal Exploration and a share consolidation of the company's issued and outstanding common shares on the basis of 35 preconsolidation shares for one postconsolidation share, subject to regulatory approval. The board of directors is proceeding with the consolidation on the basis that it will provide the company with increased flexibility to seek additional financing opportunities and strategic acquisitions.
Balaton extends due date for option payment to JAL
2012-08-16 11:46 ET - News Release
Mr. Paul Preston reports
Balaton Power Inc., further to its news release dated Aug. 3, 2012, has made payment arrangements with JAL Exploration Inc. for the $20,000 payment originally due to JAL by June 30, 2012, pursuant to the amended and restated option agreement dated Dec. 21, 2011, between JAL and the company.
The company and JAL agreed that the outstanding payment would be satisfied by the payment of $10,000 to JAL today, and the outstanding $10,000 and additional consideration of $5,000 on or before Sept. 11, 2012, in order to keep the option agreement in good standing (the payment of the $10,000 and $5,000 are firm commitments made by Balaton). The initial $10,000 payment was paid to JAL today, and receipt was acknowledged by JAL.
The option agreement with JAL is for the exploration project located in Labrador known as the Voisey's Bay West property. The company is seeking funds for this project as well as additional working capital as announced in its news release dated Aug. 10, 2012.