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Bankers Petroleum Ltd. closes $50 million financing


Published Mar 13, 2006
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Bankers Petroleum Ltd.announced completion of its previously announced underwritten prospectus offering, led by Canaccord Capital Corporation and Orion Securities Inc. A total of 50,000,000 shares were sold at $1.00 per share for gross proceeds of $50 million.

Bankers intends to use the net proceeds of the financing principally for exploration and development in the Palo Duro basin in Texas, including possible further land acquisitions, working capital and other corporate purposes. A portion of the proceeds may be used to finance development costs for Bankers' Patos-Marinza project in Albania.




   

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