By Sheri Kasprzak
New York, Jan. 31 - TrueStar Petroleum Corp. said its subsidiary Trinity Barnett LLC has entered into a $50 million credit agreement with Macquarie Bank Ltd.
TrueStar also entered into an agreement with Macquarie for a $1 million unit deal. The company also priced a separate non-brokered $2 million unit offering.
In the credit agreement, Trinity has $10.3 million in cash initially available. A total of $4 million of the facility is convertible into shares at C$0.65 each any time for three years.
Proceeds from the credit facility will be used for drilling and development on the company's leases in the Barnett Shale play in Texas.
In the $1 million non-brokered unit deal, Macquarie has agreed to buy 2,855,511 units at $0.3502 each. The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.65 each for two years.
In the $2 million unit deal, TrueStar intends to sell, on a non-brokered basis, 5,711,022 units at $0.3502 each with the same terms as the units being offered to Macquarie.
Proceeds from the two private placements will be used for lease acquisitions, working capital and general corporate purposes.
Based in Vancouver, B.C., TrueStar is an oil and natural gas exploration company.
| Issuer: | TrueStar Petroleum Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $2 million
|
| Units: | 5,711,022
|
| Price: | $0.3502
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Placement agent: | Non-brokered
|
| Pricing date: | Jan. 31
|
| Stock symbol: | Pink Sheets: TPCRF
|
| Stock price: | $0.35 at close Jan. 30
|
|
|
| Issuer: | TrueStar Petroleum Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $1 million
|
| Units: | 2,855,511
|
| Price: | $0.3502
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Placement agent: | Non-brokered
|
| Investor: | Macquarie Bank Ltd.
|
| Announcement date: | Jan. 31
|
| Stock symbol: | Pink Sheets: TPCRF
|
| Stock price: | $0.35 at close Jan. 30
|
|
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