By Sheri Kasprzak
Atlanta, Oct. 25 - Bankers Petroleum Ltd. said Monday morning it is raising C$15 million in a private placement.
The deal consists of 27.3 million units of one share and a half-share purchase warrant at C$0.55.
The whole warrants, good for five years, allow for the purchase of an additional share at C$0.95.
Orion Securities Inc. and Canaccord Capital Corp. were the placement agents in the deal, which is expected to close in mid-November.
Bankers Petroleum is a Vancouver, British Columbia-based oil company. The company plans to use the proceeds from the deal to accelerate the development of one of its oil fields in Albania.
| Issuer: | Bankers Petroleum Ltd.
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| Issue: | Units of one share and ½ share purchase warrant
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| Amount: | C$15 million
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| Shares: | 27.3 million units
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| Price: | C$0.55 per unit
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| Warrants: | ½ warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.95
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| Placement agent: | Orion Securities Inc. and Canaccord Capital Corp.
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| Announcement date: | Oct. 25
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| Settlement date: | Mid-November
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| Stock price: | C$0.59 at close Oct. 22
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