24th Jul 2009 07:00
Bankers Petroleum raises CDN$12 million from EBRD warrant proceeds
2009 SECOND QUARTER FINANCIAL RESULTS AVAILABLE ON AUGUST 14
CALGARY, July 23 /CNW/ - Bankers Petroleum Ltd. ("Bankers") is pleased to announce that the European Bank for Reconstruction and Development ("EBRD") has exercised its entire warrant holdings of 8.0 million warrants, issued on May 8, 2009 and priced at CDN$1.50/share, generating proceeds of CDN$12.0 million. The warrants were granted to EBRD along with a similar amount to the International Finance Corporation (that were previously exercised on July 10th), as part of the previously announced US$110 million credit facility. Application has been made to admit the 8.0 million common shares issued upon the EBRD warrant exercise to London's AIM Exchange and admission is expected to be effective on July 30, 2009.
Bankers would like to welcome EBRD as a new institutional shareholder of the Company. EBRD is the largest institutional investor in Albania, with its key focus areas being infrastructure development and rehabilitation of the energy sector in Albania.
Subsequent to this transaction, Bankers has 223,886,772 Common Shares outstanding, 13,455,892 options to purchase Common Shares and 9,713,376 Common Share purchase warrants.
2009 Second Quarter
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Bankers expects to release its 2009 second quarter financial and operating results on August 14 and will hold a conference call on August 17. The conference call-in details will be announced when finalized.
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 and Kucova heavy oil fields. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
For further information: Abby Badwi, President and Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691; Email: investorrelations(at)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 (BNK. BNK)
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BNK.L