Border Announces Appointment Of New Directors, Financing And Other Matters
CALGARY, ALBERTA – Sept. 15, 2009 –
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Border Petroleum Inc. (NEX:BOP.H) (“Border” or the “Corporation”) announces that Gerald Mendyk and Thomas Jackson have been appointed as directors of the Corporation. Mr. Mendyk is the current Chief Financial Officer of the Corporation (see press release dated July 27, 2009) and Mr. Tom Jackson has been the president and chief executive officer of Tomali Pictures Ltd. for the past 18 years; a production company of television, film and music. Mr. Jackson is well known to Canadians as a First Nations’ advocate as well as an accomplished musician and actor that is dedicated to helping the less fortunate; having raised more than $10M in cash and in excess of 10M tons of food for his primary cause of ending hunger. Mr. Jackson was appointed an Officer of the Order of Canada in 2000 for his music and humanitarian work and has received eight honorary doctorates from Canadian universities as well as numerous other awards and certifications for his social, charitable, and business accomplishments. Ken Berscht and David Greenway have tendered their resignations as directors of the Corporation. The board of directors would like to thank Mr. Berscht and Mr. Greenway for their services and wish them well in the future.The Corporation is also pleased to announce that it intends to complete a private placement of up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of $750,000 (the “Private Placement”). Each unit (the “Unit”) will consist 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 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 Corporation has reserved a price of $0.05 per share for up to 15,000,000 common shares to be issued pursuant to the Private Placement and a price of $0.10 per share for up to 7,500,000 common shares to be issued upon the exercise of the Warrants. The Private Placement is subject to regulatory approval and the Corporation is required to file a formal application with the NEX board of the TSX Venture Exchange Inc. to maintain this price reservation. Director and officers of the Corporation intend to purchase Units pursuant to the Private Placement. The Common Shares and Warrants issued will be subject to a four month hold period, in accordance with applicable securities law.
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.
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Border Petroleum Inc.