Indusmin to Change Company Name to Transeuro Energy

At the Indusmin's annual general and special meeting held on September 24, 2004, shareholders approved the change of the Company's name to Transeuro Energy Corp., subject to the approval of Yukon Corporate Affairs and the TSX Venture Exchange. The Company is in the process of completing the name change and anticipates its shares will be trading under the new name in early October, 2004.

At the meeting, shareholders reelected Carlos Munoz, Victor Cantore and Konstantine A. Sukhodolsky as directors and also elected David Parry and Anastase Maragos as directors.

Also at the meeting, the Company's shareholders approved the private placement of 3,333,333 units to Firebird Global Master Fund, Ltd., which constituted a change of control, as that term is defined by the policies of the TSX Venture Exchange. The units were issued on July 22, 2004 , at a price of $0.30 per unit. Each unit consisted of one common share and one non-transferable share purchase warrant, authorizing the purchase of a further common share at a price of $0.30 per share in the first year of the term of the warrant and $0.40 per share in the second year of the term of the warrant.

Disinterested shareholders of the Company approved the implementation of a new stock option plan at the meeting. Under the plan, a total of 3,600,000 common shares are reserved for issuance upon the exercise of stock options. The plan is subject to the approval of the TSX Venture Exchange

Further to its news release of July 14, 2004, Indusmin Energy Corporation (Indusmin, "IDM") announces that it has closed the final tranche of its private placement in the amount of 818,100 units at a price of $0.30 per unit. The placement was oversubscribed by 151,433 units. Each unit consists of one common share and one non-transferable share purchase warrant, each warrant entitling the holder to purchase an additional common share for a period of two years at a price of $0.30 per share if exercised in the first year and $0.40 per share if exercised in the second year.

The shares and shares issued on the exercise of any warrants are subject to hold periods expiring on January 10, 2005.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours