Business
Bankers Petroleum announces $100 million bought-deal financing
Bankers Petroleum announces $100 million bought-deal financing
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n Jun. 23, 2010 (Canada NewsWire Group) -- The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce it has entered into an agreement with Raymond James Ltd., on behalf of a syndicate of underwriters co-led by Raymond James Ltd. and GMP Securities L.P. (together the "Underwriters" or "Syndicate"), under which the members of the Syndicate have agreed to purchase, on a bought deal basis, 12,903,228 common shares ("Common Shares") of the Company at Cdn$7.75 per Common Share (the "Offering") to raise gross proceeds of Cdn$100,000,017.\nThe proceeds of the Offering will be used for Bankers production and development activities at its Patos-Marinza and Kuçova oilfields in Albania and for general corporate purposes.\nBankers has also granted the Underwriters 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 up to 30 days after closing. The maximum gross proceeds raised under the Offering will be approximately Cdn$115 million, should the over-allotment option be exercised in full.\nClosing of the Offering, which is subject to customary conditions and regulatory approvals, including approval of the Toronto Stock Exchange, is expected to occur on or about July 14, 2010.\nThe Common Shares to be issued under the Offering will be offered: (a) by way of a short form prospectus to be filed in Alberta, British Columbia, Ontario and such other Canadian provinces or territories as the Syndicate and the Company may agree; (b) in the United States on a private placement basis pursuant to exemptions from the registrat...