By Sheri Kasprzak
Atlanta, Oct. 27 - Bankers Petroleum Ltd. upsized its previously announced C$15 million private placement to C$17 million, the company said Wednesday.
The company will issue 30.9 million units of one share and a half-share purchase warrant at C$0.55 per unit. The company had initially planned to issue 27.3 million units but added 3,636,364 units Wednesday.
The whole warrants, good for five years, allow for the purchase of an additional share at C$0.95 per share.
Orion Securities Inc. and Canaccord Capital Corp. are the placement agents in the deal, which is expected to close in mid-November.
Bankers Petroleum is a Vancouver, B.C.-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 a half-share purchase warrant
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| Amount: | C$17 million
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| Shares: | 30.9 million units
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| Price: | C$0.55 per unit
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| Warrants: | ½ share purchase 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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| Upsized: | Oct. 27
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| Settlement date: | Mid-November
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| Stock price: | C$0.59 at close Oct. 22 (last trade)
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