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Bankers Petroleum to Receive Centillion Units for Palo Duro Basin Transaction
Bankers Petroleum to Receive Centillion Units for Palo Duro Basin Transaction.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nUnits Comprising One Share and One-Half Warrant\n\n\nCALGARY, March 29 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)\nannounces that Centillion Industries Ltd. ("Centillion") and its subsidiary\nPalo Duro Operating (US) Inc. have elected to satisfy US$4.5 million of the\npurchase price payable under their agreement to purchase up to a 27% interest\nin the Company's leasehold lands in the Palo Duro basin, by the issuance of\nunits of Centillion, each unit comprising one share and one-half warrant. As a\nresult, upon completion of the transaction Bankers will acquire ownership and\ncontrol of 15,152,142 common shares (the "Shares") and 7,576,071 common share\npurchase warrants (the "Warrants") of Centillion, each warrant entitling it to\nacquire one additional common share of Centillion at CDN$0.50 per share on or\nbefore the date that is 24 months following closing of the transaction.\n\n\nThe Shares will represent 9.92% of the outstanding common shares of\nCentillion post-transaction. Under applicable securities legislation Bankers\nis also deemed to own and control the 7,576,071 common shares which may be\nacquired upon exercise of the Warrants. Accordingly, Bankers will be deemed to\nhave acquired an additional 7,576,071 common shares of Centillion, which,\ntogether with the Shares, and assuming no exercise by any other holder of\nconvertible securities of Centillion, would represent 14.18% of the common\nshares of Centillion that will be outstanding upon completion of the\ntransaction.\n\n\nBankers does not presently intend to increase its shareholdings in\nCentillion. The transaction with Centillion and its subsidiary remains subject\nto conditions, which may or may not be satisfied.\n\n\nA copy of the early warning report filed by Bankers in connection with\nthis news release may be obtained by contacting Susan J. Soprovich, Vice\nPresident of Bankers, at (403) 513-2681.\n\n\nCaution Regarding Forward-looking Information\n\n\nInformation in this news release respecting the transaction with\nCentillion and its subsidiary constitutes forward-looking information.\nStatements containing forward-looking information express, as at the date of\nthis news release, the Company's plans, expectations, or beliefs as to future\nevents or results and are believed to be reasonable based on infor...