By Laura Lutz
Des Moines, Oct. 31 - Transeuro Energy Corp. announced a private placement of units for up to C$8.1 million.
The company plans to sell up to 6 million units of one share and one transferable warrant at C$1.35 per unit.
Each warrant will be exercisable at C$1.75 for two years.
The expiry of the warrants may be accelerated to 10 days if, more than four months after the closing, the closing price of the company's shares is at least C$1.75 for 30 consecutive trading days.
Proceeds of the non-brokered deal will be used for exploration, development and working capital.
Transeuro is a petroleum and natural gas company based in Vancouver, B.C.
| Issuer: | Transeuro Energy Corp.
|
| Issue: | Units of one share and one transferable warrant
|
| Amount: | C$8.1 million
|
| Units: | 6 million
|
| Price: | C$1.35
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75
|
| Agent: | Non-brokered
|
| Announcement date: | Oct. 31
|
| Stock symbol: | TSX Venture: TSU
|
| Stock price: | C$1.27 at close Oct. 30
|
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