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SOURCE Bellatrix Exploration Ltd.
TSX, NYSE MKT: BXE
CALGARY, Oct. 11, 2013 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX: BXE) is pleased to announce that upon redemption of its
currently outstanding 4.75% Convertible Unsecured Subordinated
Debentures due April 30, 2015 (the "Debentures") common shares of the Company (the "Common Shares") will be issued to satisfy the principal amount of the Debentures plus
accrued and unpaid interest up to, but excluding, the Redemption Date
(as defined below) based on a price of $8.02 per Common Share (the "Redemption Issuance Price"). As a result, holders of Debentures who have not elected to convert
their Debentures prior to the Redemption Date will receive
approximately 127.5112 Common Shares for each $1,000 principal amount
of Debentures (which includes Common Shares issued based on the
Redemption Issuance Price to satisfy accrued and unpaid interest up to,
but excluding, the Redemption Date). As set out in the previously
issued press release and notice of redemption, the redemption date of
the Debentures will be October 21, 2013 (the "Redemption Date").
Pursuant to the terms of the Debentures, the Redemption Issuance Price
was calculated based on 95% of the volume weighted average trading
price of the Common Shares on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending on October 11, 2013.
Each holder not wishing to receive Common Shares upon redemption of the
Debentures at the Redemption Issuance Price has the right to convert
their Debentures into Common Shares at a conversion price of $5.60 per
Common Share (the "Conversion Price")at any time on or prior to October 18, 2013. A holder electing to
convert the principal amount of their Debentures will receive
approximately 178.5714 Common Shares for each $1,000 principal amount
of Debentures converted plus a cash payment for accrued unpaid interest
up to, but excluding, the conversion date.
No fractional shares will be issued on redemption or conversion but, in
lieu thereof, the Company shall pay the cash equivalent thereof
determined on the basis of the current market price of the Common
Shares (as calculated in accordance with the terms of the Debentures)
on the Redemption Date or conversion date, as applicable (less any tax
required to be deducted, if any).
As the Debentures were issued in "book-entry only" form and are held by
CDS Clearing and Depository Services Inc., beneficial holders of
Debentures must contact their broker, dealer, bank, trust company or
other nominee to exercise their right to convert their Debentures.
Beneficial holders who intend to convert their Debentures should ensure
that they contact their broker, dealer, bank, trust company or other
nominee well in advance of the Redemption Date to ensure that they
understand the procedure required to exercise their right of
conversion. All holders of Debentures who fail to deliver a notice of
conversion on or prior to October 18, 2013 (or such other earlier time
as may be indicated by their broker, dealer, bank, trust company or
other nominee) shall have their Debentures redeemed on the Redemption
Date and shall receive that number of Common Shares obtained by
dividing the Redemption Price by the Redemption Issuance Price.
The Debentures will be delisted from trading on the TSX at the close of
trading on the Redemption Date.
Bellatrix Exploration Ltd. is a Western Canadian based growth oriented
oil and gas company engaged in the exploration for, and the
acquisition, development and production of oil and natural gas reserves
in the provinces of Alberta, British Columbia and Saskatchewan. The
Common Shares and Debentures trade on the TSX under the symbols BXE and
BXE.DB.A, respectively and the Common Shares trade on the NYSE MKT
under the symbol BXE.
All amounts in this press release are in Canadian dollars unless