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Re: News Release - Thursday, January 31, 2008
Bankers Petroleum Announces CDN$60 Million Private Placement
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CALGARY, January 31, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM:
BNK) is pleased to announce a non-brokered CDN$60.0 million private
placement, representing 66,666,666 common shares of the Company, at a
price of CDN$0.90 per share (a 17% premium to the January 30, 2008, TSX
market closing price). Sprott Asset Management ("Sprott") will
subscribe for 55,555,555 common shares for gross proceeds of CDN$50.0
million and Blackrock Investment Management (UK) ("Blackrock") will
subscribe for 11,111,111 common shares for gross proceeds of CDN$10.0
million. Subsequent to completion of the private placement, Sprott and
Blackrock will hold 15.2% and 13.7%, respectively, of the Company's
issued and outstanding common shares.
The financing, scheduled to close on or about February 5, 2008, is
subject to regulatory approval and completion of definitive
documentation. Bankers will pay a financial advisory fee in cash as
allowable under Toronto Stock Exchange policies.
Net proceeds of $58.8 million will be used to fund the Corporation's
exploration and development programs in Albania and the United States,
the recently announced Albanian acquisition, and for general corporate
purposes.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on opportunities in unconventional petroleum
assets. Bankers operates and has the full rights to develop the
Patos-Marinza heavy oilfield in Albania, which is a 2.0 billion barrel
resource. It also holds interests in four areas in the Northern and
Central regions of the United States, where it is currently pursuing
the exploration, development and production of shale and tight sand gas
plays. Bankers shares are traded on the Toronto Stock Exchange and the
AIM Market in London, England under the ticker symbol BNK.
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For further information, contact:
Abby Badwi, Chief Executive Officer
(403) 513-2694
Doug Urch, VP, Finance and Chief Financial Officer
(403) 513-2691
Susan J. Soprovich VP, Investor Relations and Corporate Governance
(403) 513-2681
Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com
AIM NOMAD:
Canaccord Adams Limited
Ryan Gaffney/ Adam Janikowski +44 20 7050 6500
View PDF of News Release:
http://www.bankerspete.com/i/pdf/2008-01-31_NR.pdf
20 KB in size, approx. 5 seconds to download at 56.6Kbps
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Copyright (c) 2008 BANKERS PETROLEUM LTD. (BNK.H) All rights reserved.
For more information visit our website at http://www.bankerspete.com/
or send mailto:info@bankerspetroleum.com
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