Bankers Petroleum Reports CDN$60 Million Private Placement
Bankers Petroleum Ltd. reported a non-brokered CDN$60.0 million private placement, representing 66,666,666 common shares of the Company, at a price of CDN$0.90 per share (a 17% premium to the January 30, 2008, TSX market closing price). Sprott Asset Management will subscribe for 55,555,555 common shares for gross proceeds of CDN$50.0 million and Blackrock Investment Management (UK) will subscribe for 11,111,111 common shares for gross proceeds of CDN$10.0 million. Subsequent to completion of the private placement, Sprott and Blackrock will hold 15.2% and 13.7%, respectively, of the Company's issued and outstanding common shares.
The financing, scheduled to close on or about February 5, 2008, is subject to regulatory approval and completion of definitive documentation. Bankers will pay a financial advisory fee in cash as allowable under Toronto Stock Exchange policies.
Net proceeds of $58.7 million will be used to fund the Corporation's exploration and development programs in Albania and the United States, the recently announced Albanian acquisition, and for general corporate purposes.
- China's Geo-Jade Petroleum Acquires Canada's Bankers Petroleum for $440M (Mar 21)
- Bankers Petroleum Increased Production 21% in 2013 (Jan 07)
- Bankers Petroleum Welcomes CEO (Mar 21)