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Message: Bronco Closes $24 Million Financing

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Bronco Closes $24 Million Financing

posted on May 14, 09 04:51AM

May 14, 2009

Bronco Closes $24 Million Financing

CALGARY, ALBERTA--(Marketwire - May 14, 2009) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR
THROUGH US NEWSWIRE SERVICES

Bronco Energy Ltd. ("Bronco") (TSX:BCF) announces the successful close of its previously announced financing. Gross proceeds are $23,905,000.

The financing consisted of the issuance of $23,905,000 principal amount of Secured Subordinated Convertible Debentures (the "Debentures") and 23,905,000 share purchase warrants (the "Warrants").

The Debentures will mature on April 30, 2012 and will bear interest at a rate of 6% per annum (if interest is payable in cash), payable semi-annually in arrears on April 30 and October 31 in each year commencing on October 31, 2009.

The Debentures will be convertible into common shares of Bronco, at the option of the holder, at an initial conversion price of $0.50 per share, subject to anti-dilution adjustments.

Each Warrant will entitle the holder to purchase one common share of the Company, at any time prior to April 30, 2014, at an initial price of $0.57 per share, subject to anti-dilution adjustments.

RBC Capital Markets acted as exclusive placement agent and financial advisor to Bronco in connection with the financing.

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