Bankers Petroleum raises $100 million financing for its activities in Albania

TIRANA, June 28؃anadian Bankers Petroleum which operates in Albania, announced it has entered into an agreement with Raymond James Ltd., on behalf of a syndicate of underwriters co-led by Raymond James Ltd. and GMP Securities L.P., under which the members of the Syndicate have agreed to purchase, on a bought deal basis, 12,903,228 common shares of the Company at Cdn$7.75 per Common Share to raise gross proceeds of Cdn$100,000,017. The proceeds of the Offering will be used for Bankers production and development activities at its Patos-Marinza and Kuova oilfields in Albania and for general corporate purposes, newswires reported.
Bankers has also granted the Underwriters an over-allotment option to purchase, on the same terms, up to an additional 1,935,484 Common Shares. This option is exercisable, in whole or in part, by the Underwriters, in their sole discretion, at any time up to 30 days after closing. The maximum gross proceeds raised under the Offering will be approximately Cdn$115 million, should the over-allotment option be exercised in full. Bankers Petroleum Ltd is a Canadian oil company with assets and operations in Albania. The Company operates the Patos-Marinza oilfield, in the Central Albania.