Transeuro Energy Offering Oversubscribed
|Friday, February 18, 2005
Transeuro Energy (TSX VENTURE:TSU) reports that the private placement as announced on February 2, 2005 has been oversubscribed so that the total offering is 7,690,000 units at a price of $0.70 per unit for gross proceeds of $5,383,000. Each unit consists of one common share and one half of one warrant. Each whole warrant will entitle the holder to purchase one common share at $0.76 for a period of one year. A $8,417.50 cash finder's fee will be paid pursuant to the private placement. The proceeds of the offering will be used for the development of existing properties in Armenia, Papua New Guinea, and Ukraine the acquisition of additional properties and general working capital. The majority of the financing was subscribed to by Institutional Investors. The offering is subject to the approval of the TSX Venture Exchange.