Plans to use funds to advance its interest in Louisiana well
By Melissa Kory
Cleveland, Jan. 12 - Transerv Energy Ltd. announced that it received commitments for a A$6.08 million private placement of stock.
The company will sell 380 million shares at A$0.016 apiece. The price is a 20% discount to the A$0.020 closing price of the company's stock on Jan. 12.
The settlement of the placement is expected to take place on Jan. 17.
Argonaut Securities is the lead manager of the placement.
Proceeds from the placement will be applied to general working capital and to further advance the company's interest in its Amazon well located in Louisiana.
Based in Perth, Western Australia, Transerv is an oil and gas exploration company.
| Issuer: | Transerv Energy Ltd.
|
| Issue: | Stock
|
| Amount: | A$6.08 million
|
| Shares: | 380 million
|
| Price: | A$0.016
|
| Warrants: | No
|
| Pricing date: | Jan. 12
|
| Stock symbol: | Australia: TSV
|
| Stock price: | A$0.020 at close Jan. 12
|
| Market capitalization: | $17.6 million
|
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