Houston American Energy Announces Successful Private Placement
Houston American Energy Corp. (OTC Bulletin Board: HUSA) has just issued through a private placement offering $2,125,000 of 8% subordinated convertible notes due May 4, 2010. These notes have the right to convert into HUSA common stock at $1.00 per share during the life of the notes and HUSA has under certain conditions the right to force conversion of the notes. The Company issued a form 8K filing with the SEC on May 10, 2005 which outlines all the details of this transaction.
"We are very pleased with the response to this offering and the confidence
of investors in the future growth plans for Houston American Energy Corp.
These funds will not only allow us to accelerate our development plans in
Colombia, which include the drilling of new wells, acquisition of seismic
data, development of new concession opportunities and the Company's cost for
the possible construction of a pipeline, but also to pursue many promising
opportunities domestically. Management views this as a very positive
development for HUSA. These additional funds were created on terms very
favorable to Houston American and are expected to enable the Company to build
shareholder value at an increased rate," said John F. Terwilliger, Chairman,
Houston American Energy Corp.
- Houston American Energy Updates Ops at Cachirre Well (Jun 28)
- Testing Underway at Houston American Energy's Colombia Sidetrack (Mar 23)
- Houston America Addresses Rumor, Provides Status Update (Mar 16)