Bankers Petroleum has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Raymond James and GMP Securities, and which includes Canaccord Genuity, BMO Nesbitt Burns, Macquarie Capital Markets Canada, Thomas Weisel Partners Canada, UBS Securities Canada, CIBC World Markets, FirstEnergy Capital, Jennings Capital Inc., Scotia Capital, TD Securities and Wellington West Capital Markets, pursuant to which the Syndicate purchased 12,903,228 common shares of the Company ("Common Shares") at Cdn$7.75 per Common Share to raise gross proceeds of Cdn$100,000,017 (the "Offering").
The Underwriters have been granted an over-allotment option to purchase, on the same terms, up to an additional 1,935,484 Common Shares. This option is exercisable, in whole or in part, by the underwriters, in their sole discretion, at any time following the closing and before August 15, 2010. Additional gross proceeds of approximately Cdn$15,000,000 will be realized, should the over-allotment option be exercised in full.
Proceeds of the Offering will be used for Bankers production and development activities at its Patos-Marinza oilfields in Albania and for general corporate purposes.
Application has been made for the 12,903,228 Common Shares subject to the Offering, to be admitted to trading on the AIM Market of the London Stock Exchange and admission is expected to occur on July 16, 2010. Subsequent to this transaction, the Company has 243,744,547 Common Shares outstanding, 14,671,614 options to purchase Common Shares and 5,096,399 Common Share purchase warrants.
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