Offering sells preferreds, stock to investor Texas General Oil & Gas
By Devika Patel
Knoxville, Tenn., June 9 – Trinity Valley Energy Corp. said it plans a $2.25 million private placement of stock and 15% preferred stock with Texas General Oil & Gas, LP.
The 34,765,160 common shares will be sold at C$0.043 per share, a premium to the June 8 closing share price of C$0.03. The stock proceeds will be C$1.5 million, or $1.25 million.
The company will sell the 100 preferreds at $10,000 apiece. The preferreds will be redeemed after seven years.
The price per preferred is a 37.04% premium to the June 8 closing share price.
The energy company is based in Vancouver, B.C.
| Issuer: | Trinity Valley Energy Corp.
|
| Issue: | Common stock, preferred stock
|
| Amount: | $2.25 million
|
| Warrants: | No
|
| Investor: | Texas General Oil & Gas, LP
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| Pricing date: | June 9
|
| Stock symbol: | TSX Venture: TE
|
| Stock price: | C$0.03 at close June 8
|
| Market capitalization: | $173.14 million
|
|
|
| Shares
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| Amount: | C$1,494,902, or $1.25 million
|
| Shares: | 34,765,160
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| Price: | C$0.043
|
|
|
| Preferreds
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| Amount: | $1 million
|
| Preferreds: | 100
|
| Price: | $10,000
|
| Dividends: | 15%
|
| Call: | After seven years
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