Thursday, May 28, 2009

Bankers raises extra $4-million through overallotment

Bankers raises extra $4-million through overallotment

2009-05-25 08:14 ET - News Release

Mr. Abby Badwi reports

BANKERS PETROLEUM RAISES AN ADDITIONAL $4 MILLION THROUGH THE EXERCISE OF THE UNDERWRITERS OVER-ALLOTMENT OPTION

In connection with Bankers Petroleum Ltd.'s recently closed $40-million bought deal equity financing, the underwriters have fully exercised their overallotment option for an additional 2,285,800 common shares at a price of $1.75 per common share for total gross proceeds of $4,000,150. In total, the company raised $44,001,650 from the offering and the net proceeds will be used for the company's production and development activities at its Patos Marinza and Kucova oil fields in Albania, and for general corporate purposes.

The offering was co-led by Canaccord Capital Corporation and Thomas Weisel Partners Canada Inc. and included Macquarie Capital Markets Canada Ltd., BMO Nesbitt Burns Inc., Genuity Capital Markets, Tristone Capital Inc. and Raymond James Ltd.

Application has been made for the 2,258,000 common shares subject to the overallotment option, to be admitted to trading on the AIM Market of the London Stock Exchange and admission is expected to occur on June 1, 2009.

Subsequent to this transaction, the company has 207,798,605 common shares outstanding, 10,587,392 options to purchase common shares and 25,713,376 common share purchase warrants.

We seek Safe Harbor.

CLL Will Run Up Soon - Look At The Bids-Huge!

Connacher Oil and Gas Ltd. has priced its previously announced public offering of common shares. Pursuant to the offering, the corporation will issue 166.75 million common shares at a price of 90 cents per common share. 

The offering will be conducted through a syndicate of underwriters with RBC Capital Markets as sole bookrunner and co-lead manager, together with Credit Suisse Securities (Canada), Inc. and TD Securities Inc. as the other co-lead managers, and Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and Raymond James Ltd. 

Pursuant to the terms of the offering, the corporation has agreed to grant the underwriters an overallotment option to purchase up to an additional 25,012,500 common shares, equal to up to 15 per cent of the common shares sold pursuant to the offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the offering. If the overallotment option is exercised in full, a total of 191,762,500 common shares will be sold under the offering for total gross proceeds of the offering of approximately $172,586,250. Upon closing of the offering, and not including common shares issuable pursuant to the overallotment option, the corporation will have 378,450,942 common shares (418,892,957 common shares on a fully diluted basis) issued and outstanding.





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