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Re: News Releases - Tuesday, July 29, 2008
Bankers Petroleum Consolidates Shares & Warrants
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CALGARY, July 29, 2008 -- Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
is pleased to announce that its common shares (Symbol: BNK) and both
the common share purchase warrants (Symbol: BNK.WT) expiring November
10, 2009 (the "November 2009 Warrants") and the common share purchase
warrants (Symbol: BNK.WT.A) expiring March 1, 2012 (the "March 2012
Warrants") (collectively, the "Warrants") of the Company will be posted
for trading at the opening on Wednesday, July 30, 2008 on a one (1) for
three (3) consolidated basis under the trading information set out
below:
Common Shares (TSX/ AIM):
Stock Symbol: BNK CUSIP: 066286 30 3 ISIN: CA 0662863038
November 2009 Warrants (TSX/AIM):
Stock Symbol: BNK.WT/BNKW CUSIP: 066286 13 9 ISIN: CA 0662861396
March 2012 Warrants (TSX):
Stock Symbol: BNK.WT.A CUSIP: 066286 14 7 ISIN: CA 0662861479
As a result of the consolidation, the exercise price of the November
2009 Warrants has been adjusted so that each November 2009 Warrant will
entitle the holder to purchase one common share at price of $2.49 per
share. The expiry date of the November 2009 Warrants remains at 5:00
p.m. (Calgary time) on November 10, 2009. In addition, the exercise
price of the March 2012 Warrants has been adjusted so that each March
2012 Warrant will entitle the holder to purchase one common share at
$2.37 per share. The expiry date of the March 2012 Warrants remains at
4:30 p.m. (Calgary time) on March 1, 2012.
Post consolidation, the approximate share capital of the Company will
be as follows:
Common shares 182,501,262
November 2009 Warrants 3,573,041
March 2012 Warrants 4,911,475
Unlisted Warrants 1,226,667
Options 8,587,186
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Fully diluted 200,839,631
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No fractional common shares will be issued as a result of the
consolidation. In the event that a holder would otherwise be entitled
to a fractional share, the number of shares issued to such shareholder
shall be rounded up to the next greater whole number of shares, if the
fractional entitlement is equal to or greater than 0.5 and shall,
without any additional compensation, be rounded down to the next lesser
whole number of shares if the fractional entitlement is less than 0.5.
In calculating such fractional interests, all shares registered in the
name of or beneficially held by such shareholder or their nominee shall
be aggregated.
No fractional Warrants will be issued as a result of the consolidation.
In the event that a holder would otherwise be entitled to a fractional
Warrant, the number of Warrants issued to such warrantholder shall be
rounded up to the next greater whole number of Warrants, if the
fractional entitlement is equal to or greater than 0.5 and shall,
without any additional compensation, be rounded down to the next lesser
whole number of Warrants if the fractional entitlement is less than
0.5. In calculating such fractional interests, all Warrants registered
in the name of or beneficially held by such warrantholder or their
nominee shall be aggregated.
In respect of the consolidation, letters of transmittal were mailed to
holders of common shares along with the Company's Information Circular
and Proxy Statement dated May 27, 2008. Letters of transmittal were
also mailed to holders of Warrants on or about July 25, 2008. The
letters of transmittal request holders of common shares and Warrants to
forward their pre-consolidated common share and Warrant certificates to
Computershare Investor Services Inc. in exchange for new common share
and Warrant certificates representing the appropriate number of
post-consolidated common shares and Warrants.
The November 2009 Warrants are governed by the terms of an indenture
dated November 10, 2004, as amended by a supplemental indenture dated
September 1, 2006, between the Company and Computershare Trust Company
of Canada, as trustee. The March 2012 Warrants are governed by the
terms of an indenture dated March 1, 2007 between the Company and
Computershare Trust Company of Canada as trustee.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the
Patos-Marinza heavy oil field and has a 100% interest in the Kucova oil
field. Bankers' shares are traded on the Toronto Stock Exchange and the
AIM Market in London, England under the stock 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/
Henry Fitzgerald-O'Connor
+44 20 7050 6500
AIM JOINT BROKERS:
Canaccord Adams Limited
Ryan Gaffney/ Henry Fitzgerald-O'Connor
+44 20 7050 6500
Tristone Capital Ltd.
Nick Morgan
+44 20 7355 5800
Click here to view Complete News release in PDF:
http://www.bankerspete.com/i/pdf/2008-07-29_NR.pdf
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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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