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Bankers Petroleum announces CDN$22 million financing
Bankers Petroleum announces CDN$22 million financing.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nTransaction to Provide Cushion of Funds for U.S. Exploration\n\n\nand Development\n\n\nCALGARY, Feb. 9 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that it has entered into an agreement with a syndicate led\nby Canaccord Adams Ltd. (Canaccord) and including Orion Securities Inc.\npursuant to which Canaccord has agreed to purchase for resale to the public,\non a bought deal basis, an aggregate of 31,428,572 units (Units) of Bankers at\na price of CDN$0.70 per Unit (Issue Price), resulting in gross proceeds of\napproximately CDN$22 million. Each Unit consists of one common share and\none-half of one common share purchase warrant. Each whole warrant will entitle\nthe holder to purchase one common share of the Company at a price of C$0.90\nfor a period of five years from closing of the offering. The Company has also\ngranted to the underwriters an over-allotment option entitling the\nunderwriters to acquire up to that number of additional common shares equal to\nthe lesser of: (i) the \"over-allocation position\" determined as at the\nclosing; and (ii) that number of Units which represents 15% of the Units sold\npursuant to the offering at the Issue Price. The over-allotment option is\nexercisable by the underwriters, in whole or in part, at any time for 30 days\nfollowing the closing.\n\n\nThe transaction is subject to certain conditions including normal\nregulatory approvals. The Units will be offered in the provinces of Alberta,\nBritish Columbia, and Ontario by way of a short form prospectus and on a\nprivate placement basis elsewhere, including in the United Kingdom. Closing is\nanticipated to occur on or about March 1, 2007.\n\n\nBankers intends to use the proceeds of the offering to further its\nexploration and development program in the United States and for general\nworking capital.\n\n\nCaution Regarding Forward-looking Information\n\n\nInformation in this news release respecting the proposed financing and\nplanned work programs on the Company's US properties constitutes\nforward-looking information. Statements containing forward-looking information\nexpress, as at the date of this news release, the Company's plans, estimates,\nforecasts, projections, expectations, or beliefs ...