By Laura Lutz
Des Moines, Nov. 8 - TransAtlantic Petroleum Corp. negotiated a $3.9 million private placement of units.
The company plans to sell 4.6 million units of one share and one warrant at $0.85 per unit.
Each warrant will be exercisable at $1.05 for two years.
The expiry of the warrants may be accelerated to 30 days if the volume weighted average closing price of the company's shares exceeds $1.55 for 20 consecutive trading days.
Proceeds will be used for exploration and production.
The deal will be non-brokered.
Following the placement, TransAtlantic will have 42.7 million outstanding shares and 7.9 million outstanding warrants.
TransAtlantic is an oil and natural gas company based in Calgary, Alta.
| Issuer: | TransAtlantic Petroleum Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3.9 million
|
| Units: | 4.6 million
|
| Price: | $0.85
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.05
|
| Agent: | Non-brokered
|
| Announcement date: | Nov. 8
|
| Stock symbol: | Toronto: TNP.U
|
| Stock price: | C$0.89 at close Nov. 8
|
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