Bankers Petroleum announces CDN$60 million private placement

About this update from Big Banc Split Corp. Class A

[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 31 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce a non-brokered CDN$60.0 million private placement,\nrepresenting 66,666,666 common shares of the Company, at a price of\nCDN$0.90 per share (a 17% premium to the January 30, 2008, TSX market closing\nprice). Sprott Asset Management ("Sprott") will subscribe for 55,555,555\ncommon shares for gross proceeds of CDN$50.0 million and Blackrock Investment\nManagement (UK) ("Blackrock") will subscribe for 11,111,111 common shares for\ngross proceeds of CDN$10.0 million. Subsequent to completion of the private\nplacement, Sprott and Blackrock will hold 15.2% and 13.7%, respectively, of\nthe Company's issued and outstanding common shares.\n\n\nThe financing, scheduled to close on or about February 5, 2008, is\nsubject to regulatory approval and completion of definitive documentation.\nBankers will pay a financial advisory fee in cash as allowable under Toronto\nStock Exchange policies.\n\n\nNet proceeds of $58.7 million will be used to fund the Corporation's\nexploration and development programs in Albania and the United States, the\nrecently announced Albanian acquisition, and for general corporate purposes.\n\n\nAbout Bankers Petroleum Ltd.\n\n\nBankers Petroleum Ltd. is a Canadian-based oil and gas exploration and\nproduction company focused on opportunities in unconventional petroleum\nassets. Bankers operates and has the full rights to develop the Patos-Marinza\nheavy oilfield in Albania, which is a 2.0 billion barrel resource. It also\nholds interests in four areas in the Northern and Central regions of the\nUnited States, where it is currently pursuing the exploration, development and\nproduction of shale and tight sand gas plays. Bankers shares are traded on the\nToronto Stock Exchange and the AIM Market in London, England under the ticker\nsymbol BNK.\n\n\n","length":1945,"tagName":"div"}]

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