Border Petroleum Inc.
NEX BOARD : BOP.H

November 04, 2009 11:07 ET

Border Announces Completion of Financing

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Border Petroleum Inc. (NEX:BOP.H) ("Border" or the "Corporation") announces that it has completed the first closing of its previously announced private placement involving the issuance of 14,180,000 units at a price of $0.05 per unit for gross proceeds of $709,000 (the "Private Placement"). Each unit (the "Unit") consisted of one common share ("Common Share") and one half of one share purchase warrant (the "Warrants"), with each whole Warrant entitling the holder thereof to purchase one common share at a price of $0.10 per share for a period of one year from the date of closing. The balance of the Private Placement involving the issuance of an additional 820,000 Units is expected to close prior to November 16th, 2009. The Corporation intends to use approximately $250,000 of the proceeds from the Private Placement to pay outstanding payables and the remainder of the proceeds will be used for general working capital.

The Common Shares and Warrants underlying the Units issued pursuant to the first closing of the Private Placement are subject to a hold period until March 1, 2010, in accordance with applicable securities law.

About Border

Border is a Calgary, Alberta based oil exploration company.

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Border Petroleum Inc.
    Tyler Cran
    Director
    (403) 538-8441