CALGARY, Nov. 15 /PRNewswire-FirstCall/ -- Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is pleased to announce that its previously announced private placement has closed and Abdel F. (Abby) Badwi has been appointed to the Board of Directors of Bankers.
The Company issued an aggregate of 4.4 million units of the Company, at a price of $0.50 per unit, each unit comprising one common share of the Company and one non-transferable share purchase warrant. Each warrant is exercisable to acquire one additional common share of the Company, at a price of $1.00 for a period of three years. The securities are subject to a four month hold period. Proceeds from the placement will be used for working capital.
Upon the closing of the private placement, Mr. Badwi was appointed to the Board of Directors of Bankers effective November 15, 2007. Following the notification of November 2, 2007, there is no additional information to be disclosed under Schedule 2(g) of the AIM Rules with regard to Mr. Badwi's appointment.
Application has been made for 4,400,000 common shares of Bankers Petroleum to be admitted to trading on the AIM Market of the London Stock Exchange effective 21 November 2007.
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 holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale and tight gas sand plays. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
