By Sheri Kasprzak
New York, Aug. 2 - Transco Resources Corp. negotiated a C$6.75 million private placement.
The offering includes up to 4.5 million units at C$1.50 each.
The units are comprised of one share and one half-share warrant with each whole warrant exercisable at C$1.75 for one year.
The placement will close concurrently with Transco's business combination with Bridge North Sea Ltd.
Proceeds from the deal will be used for drilling commitments and for working capital.
Calgary, Alta.-based Transco is an oil and natural gas exploration company.
| Issuer: | Transco Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$6.75 million
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| Units: | 4.5 million
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| Price: | C$1.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.75
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| Pricing date: | Aug. 2
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| Stock symbol: | TSX Venture: TRN
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| Stock price: | C$1.30 at close Aug. 2
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