Net proceeds from the placement will be used for general corporate purposes, including funding a portion of the Company's 2005 and 2006 exploration and development activities.
The notes and common stock issuable upon conversion of the notes have not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Toreador has agreed to file a registration statement for the resale of the notes and the common stock issuable upon conversion of the notes within 90 days of closing and use its reasonable best efforts to have the registration statements declared effective within 180 days of closing.
The notes will be senior unsecured obligations of Toreador Resources Corporation and will rank equally with all existing and future senior unsecured indebtedness. The notes will not be guaranteed by any subsidiaries of Toreador.
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