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Bankers Petroleum announces $40 million bought-deal financing
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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\nDISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, April 16 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the\n"Company") (TSX: BNK, AIM: BNK) today announced it has entered into an\nagreement with a syndicate of underwriters co-led by Canaccord Capital\nCorporation and Thomas Weisel Partners Canada Inc. and includes Macquarie\nCapital Markets Canada Ltd., BMO Nesbitt Burns Inc., Genuity Capital Markets,\nTristone Capital Inc. and Raymond James Ltd. (together the "Underwriters" or\n"Syndicate"), under which the members of the Syndicate have agreed to\npurchase, on a bought deal basis, 22,858,000 common shares ("Common Shares")\nof the Company at Cdn$1.75 per Common Share (the "Offering") to raise gross\nproceeds of Cdn$40,001,500. Closing of the Offering, which is subject to\ncustomary conditions and regulatory approvals, including approval of the\nToronto Stock Exchange and the AIM Market of the London Stock Exchange, is\nexpected to occur on or about May 7, 2009. Bankers has also granted the\nUnderwriters an over-allotment option to purchase, on the same terms, up to an\nadditional 2,285,800 Common Shares. This option is exercisable, in whole or in\npart, by the underwriters, in their sole discretion, at any time up to 30 days\nafter closing. The maximum gross proceeds raised under the Offering will be\napproximately Cdn$44 million, should the over-allotment option be exercised in\nfull.\n\n\nThe proceeds of the Offering will be used for Bankers production and\ndevelopment activities at its Patos Marinza and Kucova oil fields in Albania\nand for general corporate purposes.\n\n\nAbby Badwi President and CEO of Bankers commented, "This equity financing\ntogether with our cash, cash from operations, existing US$35 million credit\nfacility and our previously announced US$110 million additional debt financing\ninitiative with the International Finance Corporation and the European Bank\nfor Reconstruction and Development, which is expected to close next month,\nwill position the Company to confidently proceed with minimal balance sheet\nrisk, in this low oil price environment, with an accelerated $60 million\ncapital program for 2009 and ensure timely execution of our plan of\ndevelopment for the Pa...