Triangle Completes First Stage of Additional $10 Million Funding
Triangle Petroleum Corporation reports the following financing transaction.
On December 28, two institutional investors provided the Company with $5,000,000 and are obligated to fund another $5,000,000 once the Company files a registration statement. The Company issued 7.5% unsecured convertible debentures and the proceeds will be used to fund the Company's exploration programs and for general corporate purposes.
Mark Gustafson, President and CEO of Triangle states, "In addition to the $15 million funding announced on December 12, this $10 million funding secures the initial portion of our exploration programs including land acquisitions and drilling commitments in prospective areas in Alberta, Texas, Colorado, Wyoming and Montana."
Sichenzia Ross Friedman Ference LLP again represented the Company
in this transaction. Complete details regarding the financing
transaction can be found in the Company's filings with the Securities
and Exchange Commission.
- Triangle Zeroes in on Bakken Shale Play in North Dakota (Feb 08)
- Triangle Targets North American Shale Plays, Appoints New CEO (Dec 01)
- Triangle Petroleum Increases Working Interest in Core Area to 87% (Jun 11)