The Company expects to receive aggregate gross proceeds from the offering of approximately $49 million before payment of placement agent fees and transaction expenses. The Company intends to use the net proceeds of the offering to contract two additional drilling rigs in order to accelerate the development of its South Alibek Field in Kazakhstan, to pre-fund the first three quarterly interest payments due on the additional notes sold and for working capital and general corporate purposes.
The offer and sale of the notes by TMEI and the common stock by the Company has not and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction, and the notes and the common stock may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea and surrounding regions.
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