TransAtlantic Petroleum Corp. announced that it has closed its previously announced U.S. $3.8 million non-brokered private placement financing. Pursuant to the financing, TransAtlantic issued 4,500,000 Units at U.S. $0.85 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of U.S. $1.05 until December 4, 2008, provided however, that if, at any time after April 4, 2007, the weighted average trading price of TransAtlantic's common shares is at least U.S. $1.55 per share for 20 consecutive trading days, the Company will be entitled to accelerate expiration of the warrants (thereby requiring the warrant holder to exercise the warrant within 30 days of being notified of the accelerated expiration). In connection with issuance of the Units, the Company paid a cash commission of 6.5% of the gross proceeds raised and issued 219,375 finder's warrants on the same terms as the warrants included as part of the Units.
The additional capital will be used for TransAtlantic's ongoing exploration and production activities. TransAtlantic now has outstanding approximately 42.6 million shares and 8.0 million share purchase warrants, substantially all of which are exercisable at U.S 1.05 per share.
TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Romania, Morocco, Turkey and the U.K. North Sea.