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Warrant Symbol - BKL.WT
Number Trading - 8,035,000
Expiration Date - November 30, 2006
Warrants called to trade news:
Banks Ventures closes $3,214,000 flow-through financing
2004-06-10 12:27 MT - News Release
Mr. D. Barry Lee reports
BANKS CLOSES FINANCING / COMMENCES EXPLORATION
Banks Ventures Ltd. has closed its non-brokered private placement of flow-through units of the company, and has commenced the seismic portion of its phase 2 exploration and development program at its Freemont/Poundmaker properties in Saskatchewan.
The company completed the private placement of 8,035,000 flow-through units at a price of 40 cents per unit for total gross proceeds of $3,214,000. The issue was increased due to demand from an original 7.5 million units announced in Stockwatch on April 21, 2004. Each flow-through unit will consist of one flow-through common share of the company and one non-flow-through share purchase warrant entitling the holder to purchase one additional non-flow-through common share of the company at the exercise price of 75 cents for a period of two years from the date of closing. Finder's fees were paid in connection with portions of the private placement. Proceeds will be used to finance the company's phase 2 exploration and development program on its Poundmaker/Freemont properties in Saskatchewan.
Phase 2 exploration and development
Phase 2 exploration and development has already commenced. A 6.77-square-kilometre 3-D seismic program is under way, and the company is preparing to drill four additional development oil wells at Freemont, following up its initial four successful wells drilled there in late 2003. The Freemont wells primary target is the Waseca formation, from which the company is producing the majority of its current production of approximately 200 barrels of oil per day.
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