Company may sell combination of securities to fund drilling operations
By Devika Patel
Knoxville, Tenn., Dec. 23 - Transeuro Energy Corp. said it plans a non-brokered private placement. The deal will raise C$2 million by selling units and/or unsecured convertible debentures.
The company will sell the units of one common share and one warrant at C$0.085 apiece.
Each warrant is exercisable at C$0.10 for 15 months. The strike price reflects a 17.65% premium to C$0.085, the Dec. 22 closing share price.
The 15% debenture will be sold in C$1,000 increments. It matures in 15 months and converts to units at C$0.15 per unit. The debenture may be prepaid at the company's option.
The initial conversion price is a 76.47% premium to the Dec. 22 closing share price.
Proceeds will be used primarily for Ukraine drilling operations.
Transeuro is an oil and natural gas company based in Vancouver, B.C.
| Issuer: | Transeuro Energy Corp.
|
| Issue: | Units of one common share and one warrant, unsecured convertible debenture
|
| Amount: | C$2 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 23
|
| Stock symbol: | TSX Venture: TSU
|
| Stock price: | C$0.085 at close Dec. 22
|
| Market capitalization: | C$48.3 million
|
|
|
| Units
|
| Price: | C$0.085
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 15 months
|
| Warrant strike price: | C$0.10
|
|
|
| Debenture
|
| Maturity: | 15 months
|
| Coupon: | 15%
|
| Price: | Par of C$1,000
|
| Yield: | 15%
|
| Conversion price: | C$0.15
|
| Warrants: | No
|
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