Transeuro bondholders approve interest payment settlement proposal

By Caroline Salls

Pittsburgh, Dec. 23 - Transeuro Energy Corp. said the holders of the bonds it issued in November 2007 have approved the company's interest payment settlement proposal, according to a company news release.

Under the proposal, the company has offered to settle the outstanding interest payment on the bonds by the issuance of units at a deemed price of $0.10, subject to TSX Venture Exchange approval.

Each unit will consist of a common share plus one-half of a share purchase warrant, with each whole warrant exercisable for two years at a price of $0.15.

Transeuro said it has also offered to reprice the warrants that were issued in connection with the bond offering to NOK 1.70 from NOK 3.40.

According to the release, the company will now apply for TSX Venture Exchange approval of the proposed settlement.

In addition, Transeuro said it is negotiating with its series A and series B debenture holders regarding a similar settlement proposal.

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

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