Bankers Petroleum Closes Second Tranche of Private Placement

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[{"type":"text","content":"\n\n\n\nCALGARY, March 4 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that it has completed the final closing of its previously\nannounced CDN$60.0 million private placement, pursuant to which the Company\nissued the remaining 11,111,111 shares at a price of $0.90 per share for gross\nproceeds of approximately CDN$10.0 million.\n\n\nThe Company has issued an aggregate of 66,666,666 shares of the Company,\nat a price of $0.90 per share for gross proceeds of approximately\nCDN$60.0 million. The securities are subject to a four month hold period.\nSprott Asset Management ("Sprott") previously subscribed for 55,555,555 common\nshares for gross proceeds of CDN$50.0 million and Blackrock Investment\nManagement (UK) ("Blackrock") subscribed for the remaining 11,111,111 common\nshares for gross proceeds of CDN$10.0 million. Subsequent to the private\nplacement, Sprott and Blackrock hold 15.2% and 13.8% of the Company's issued\nand outstanding common shares, respectively.\n\n\nProceeds from the placement will be used to fund the Company's\nexploration and development programs in Albania and the United States, the\nrecent acquisition of a 50% interest in the license to explore and develop the\nKucova oilfield, Albania, and for general corporate purposes. Application has\nbeen made for the 11,111,111 shares issued under this tranche of the private\nplacement to be admitted to trading on the AIM Market of the London Stock\nExchange.\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":2198,"tagName":"div"}]

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