By Sheri Kasprzak
New York, Oct. 24 - TransAtlantic Petroleum Corp. said it has priced a private placement for $4.25 million.
The company intends to sell 5 million units at $0.85 each through a syndicate of underwriters including Canaccord Capital Corp. and Quest Securities Corp.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at $1.05 each for two years.
The expiry of the warrants may be accelerated to 30 days if the volume weighted average price of the company's stock exceeds $1.40 for more than 20 consecutive trading days.
Proceeds will be used for ongoing exploration and production.
Based in Calgary, Alta., TransAtlantic is an oil and natural gas exploration company.
| Issuer: | TransAtlantic Petroleum Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $4.25 million
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| Units: | 5 million
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| Price: | $0.85
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $1.05
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| Underwriters: | Canaccord Capital Corp. and Quest Securities Corp.
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| Pricing date: | Oct. 24
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| Stock price: | $0.85 at close Oct. 24
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