New Issue: Tri-Valley sells $5 million of common stock through private placement

By Devika Patel

Knoxville, Tenn., April 6 - Tri-Valley Corp. completed a $5 million private placement of stock on April 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company sold 3,846,154 common shares at $1.30 per share.

Investors also received 2,307,692 warrants. The five-year series A warrants are exercisable for 1,153,846 shares at $1.50 apiece. The seven-year series B warrants are exercisable for 1,153,846 shares at $1.95 per share.

Proceeds will be used to drill a steam-assisted gravity drainage injector well on the company's Pleasant Valley property, to begin production on the company's recently acquired Claflin project, for trade payables and working capital and to defray the costs of the offering.

Located in Bakersfield, Calif., Tri-Valley is an oil and natural gas exploration company.

Issuer:	Tri-Valley Corp.
Issue:	Common stock
Amount:	$5 million
Shares:	3,846,154
Price:	$1.30
Warrants:	For 2,307,692 shares
Warrant expiration:	Five years (for 1,153,846 shares), seven years (for 1,153,846 shares)
Warrant strike price:	$1.50 (for 1,153,846 shares), $1.95 (for 1,153,846 shares)
Settlement date:	April 6
Stock symbol:	Amex: TIV
Stock price:	$2.15 at close April 5
Market capitalization:	$47.1 million

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