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Re: News Release - Tuesday, March 04, 2008
Bankers Petroleum Closes Second Tranche Of Private Placement
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CALGARY, March 4, 2008 -- Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
is pleased to announce that it has completed the final closing of its
previously announced CDN$60.0 million private placement, pursuant to
which the Company issued the remaining 11,111,111 shares at a price of
$0.90 per share for gross proceeds of approximately CDN$10.0 million.
The Company has issued an aggregate of 66,666,666 shares of the
Company, at a price of $0.90 per share for gross proceeds of
approximately CDN$60.0 million. The securities are subject to a four
month hold period. Sprott Asset Management ("Sprott") previously
subscribed for 55,555,555 common shares for gross proceeds of CDN$50.0
million and Blackrock Investment Management (UK) ("Blackrock")
subscribed for the remaining 11,111,111 common shares for gross
proceeds of CDN$10.0 million. Subsequent to the private placement,
Sprott and Blackrock hold 15.2% and 13.8% of the Company's
issued and outstanding common shares, respectively.
Proceeds from the placement will be used to fund the Company's
exploration and development programs in Albania and the United States,
the recent acquisition of a 50% interest in the license to explore and
develop the Kucova oilfield, Albania, and for general corporate
purposes. Application has been made for the 11,111,111 shares issued
under this tranche of the private placement to be admitted to trading
on the AIM Market of the London Stock Exchange.
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
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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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