By Devika Patel
Knoxville, Tenn., Feb. 6 - Bankers Petroleum Ltd. said it completed the first tranche of a C$60 million non-brokered private placement of shares for C$50 million. The deal priced on Jan. 31.
In this tranche, Bankers sold 55,555,555 shares. The company plans to sell a total of 66,666,666 common shares at C$0.90 apiece.
The company said in an earlier release that Sprott Asset Management will buy 55,555,555 shares for C$50 million and Blackrock Investment Management (UK) will buy 11,111,111 shares for C$10 million.
The remainder of the deal is expected to settle Feb. 15.
Proceeds will be used for exploration, development and general corporate purposes.
Bankers is an oil and gas exploration company based in Calgary, Alta.
| Issuer: | Bankers Petroleum Ltd.
|
| Issue: | Common shares
|
| Amount: | C$60 million
|
| Shares: | 66,666,666
|
| Price: | C$0.90
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Sprott Asset Management (for C$50 million), Blackrock Investment Management (UK) (for C$10 million)
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 6 (for C$50 million), Feb. 15 (for C$10 million)
|
| Stock symbol: | Toronto: BNK
|
| Stock price: | C$0.77 at close Jan. 30
|
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