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Centillion Industries closes US$39 million private placement financing

Fasken
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Overview

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Centillion Industries

On March 21, 2007, Centillion Industries Inc. announced that it had closed its previously announced private placement. The private placement, led by Canaccord Capital Corporation and including Salman Partners Inc., Haywood Securities Inc. and PowerOne Capital Markets Limited, consisted of 112,503,000 subscription receipts at a price of $0.35 per subscription receipt, for aggregate gross proceeds to Centillion of $39,376,050. Net proceeds from the private placement will be used to finance the acquisition by Centillion from Bankers Petroleum (US) Inc. ("Bankers US"), a wholly-owned subsidiary of Bankers Petroleum Ltd., of 27% of the working interest of Bankers US in certain oil and gas properties in the Palo Duro Basin, Texas, pursuant to a purchase and sale agreement effective as of January 1, 2007 among Centillion, its subsidiary Palo Duro Operating (US), Inc. and Bankers US, and the initial capital expenditure requirements pursuant to the acquisition. Fasken Martineau advised Centillion in this financing with a team comprised of Iain Mant, Melody Schalm and Benjamin Lee.

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