Transeuro updated on its Ukraine operations.
Directional drilling operations for the sidetrack have been completed successfully and the directional equipment has been removed. Conventional drilling operations are proceeding in 8.1/2" hole, at a depth of 3009m, with Rate of Penetration (ROP) around 3m/hr. Over the next week the company expects to drill ahead, encountering the C12 reservoir at around 3100m, aiming for a total depth around 3520m.
In addition, Transeuro has closed its non-brokered private placement announced on December 23, 2010 consisting of 25,294,000 units at a price of CAD $0.085 per unit for gross proceeds of $2,149,990. All directors and officers of Transeuro participated. The units each consist of one common share and one non-transferable share purchase warrant, exercisable for an additional common share at a price of $0.10 for 15 months from the date of issue. In connection with the closing of this placement, Transeuro has agreed to pay a total of $19,451 in finder's fees. All securities issued with respect to this placement are subject to a four month hold period expiring on May 14, 2011, in accordance with the policies of the TSX Venture Exchange and the provisions of the Securities Act (British Columbia). The proceeds of the private placement will be used primarily for Ukraine drilling operations.
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