Transeuro presents debt settlement proposal to bond, debenture holders

By Caroline Salls

Pittsburgh, Dec. 8 - Transeuro Energy Corp. has presented a debt settlement proposal to all of its bond and debenture holders that would settle interest payments through the issuance of units and reprice all of the share purchase warrants previously issued in connection with the bonds and debentures to 50% of the current exercise price, according to a company news release.

Specifically, Transeuro said each unit would be issued at a deemed price of $0.10 and would consist of one common share and one-half of a share purchase warrant, with each whole warrant exercisable into an additional common share at a price of $0.15 for a period of two years.

According to the release, the repricing of the previously issued warrants would result in a total of 7.5 million warrants being repriced to $0.30 from $0.60, 21 million warrants being repriced to $0.10 from $0.20 and 16 million warrants being repriced to $0.125 from $0.25.

The company said the proposed settlement is subject to the preparation of formal documentation and approval by the bond and debenture holders and the respective trustees, as well as acceptance for filing by the TSX Venture Exchange.

As previously reported, Transeuro's bond and debenture holders approved the company's request on Dec. 1 to postpone interest payments to Dec. 18 from Nov. 13.

Transeuro is an oil and natural gas company based in Vancouver, B.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.