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Re: News Releases - Thursday, December 23, 2010
News Release - Private Placement
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Vancouver, Canada: - Mr. David Parry, Director of Transeuro Energy
Corp. ("Transeuro" or the "Company") is pleased to announce that the
Company intends to proceed with a non-brokered private placement for
gross proceeds of up to $2,000,000. The private placement will consist
of unsecured convertible debentures (the "Debentures"), or
alternatively will be of units (the "Units") to be issued at a price of
$0.085, with each Unit consisting of a common share and a warrant (a
"Warrant"). Each Warrant is exercisable for a period of fifteen months
into a common share of Transeuro at an exercise price equal to $0.10.
The Company may issue a combination of Units and Debentures. The
Company filed for price protection on December 22, 2010 at $0.085 with
the TSX.
Each Debenture will have a principal amount of $1,000 and will have a
term of 15 months and will be convertible into Units consisting of one
common share and a warrant exercisable for a period of fifteen months
into a common share of Transeuro at an exercise price equal to $0.15.
The Debentures will carry an interest rate of 15% per annum payable at
conversion. The principal amount of each Debenture, plus accrued
interest, will be convertible into Units of the Company at the
purchaser's election at any time following the closing date up until
the maturity date. The Company will have the right to repay the
principal amount of each Debenture, plus accrued interest, at any time
without penalty or charge.
Neither the Warrants nor the Debentures will be listed for trading on
the TSX Venture Exchange or the Oslo Axess. All securities issued will
be subject to a four month hold period.
It is anticipated that Insiders of the Company will subscribe for at
least 50% of the private placement.
The net proceeds of the offering will be used primarily for Ukraine
drilling operations.
The Company is pleased to announce that it has hired Chris McGillivray,
formerly of TD Canada Trust and CIBC to run the Company's investor
relations.
On behalf of the Board of Directors
David Parry, Director
For further information contact:
David Parry, SVP, +1 604 681 3939
Karen Jenssen, IR, +47 91 729787
http://www.transeuroenergy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Oslo Bors accepts responsibility for the adequacy or accuracy of
this release. The statements contained in this release that are not
historical facts are forward-looking statements, which involve risks
and uncertainties that could cause actual results to differ materially
from the targeted results. The Company relies upon litigation
protection for forward looking statements.
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Copyright (c) 2010 TRANSEURO ENERGY CORP. (TSU) All rights reserved.
For more information visit our website at
http://www.transeuroenergy.com/ or send mailto:info@transeuroenergy.com
Message sent on Thu Dec 23, 2010 at 3:22:49 PM Pacific Time
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