5 Mar 2008 07:00
Bankers Petroleum Closes Second Tranche of Private Placement
CALGARY, March 4 /CNW/ - Bankers Petroleum Ltd. is pleased to announce that it has completed the final closing of its previously announced CDN$60.0 million private placement, pursuant to which the Company issued the remaining 11,111,111 shares at a price of $0.90 per share for gross proceeds of approximately CDN$10.0 million.
The Company has issued an aggregate of 66,666,666 shares of the Company, at a price of $0.90 per share for gross proceeds of approximately CDN$60.0 million. The securities are subject to a four month hold period. Sprott Asset Management ("Sprott") previously subscribed for 55,555,555 common shares for gross proceeds of CDN$50.0 million and Blackrock Investment Management (UK) ("Blackrock") subscribed for the remaining 11,111,111 common shares for gross proceeds of CDN$10.0 million. Subsequent to the private placement, Sprott and Blackrock hold 15.2% and 13.8% of the Company's issued and outstanding common shares, respectively.
Proceeds from the placement will be used to fund the Company's exploration and development programs in Albania and the United States, the recent acquisition of a 50% interest in the license to explore and develop the Kucova oilfield, Albania, and for general corporate purposes. Application has been made for the 11,111,111 shares issued under this tranche of the private placement to be admitted to trading on the AIM Market of the London Stock Exchange.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield in Albania, which is a 2.0 billion barrel resource. It also holds interests in four areas in the Northern and Central regions of the United States, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
For further information: Abby Badwi, Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691; Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681; Email: investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 20 7050 6500 (BNK)
BANKERS PETROLEUM LIMITED