Toreador Enters into Deal for $45M Private Placement of Equity
Toreador Resources Corporation has entered into definitive agreements with a small group of institutional investors on a $45 million private placement of equity. Proceeds from the placement will be used to help fund the company's 2007 exploration and development activities. The company expects funding to occur on Friday, March 23, 2007.
In the transaction, the company will issue 2,710,843 shares of common stock, at a per share price of $16.60 which is equal to an approximate 17.5% discount to the volume weighted average share price on the Nasdaq Global Market on Wednesday, March 21, 2007 (the pricing date). The company will also grant the institutional investors options to purchase an additional $8.1 million aggregate amount, or 489,157 shares, within the next 30-day period at the same per share price. The shares are to be sold at a discount since the issuance of the shares will not be registered immediately under the Securities Act of 1933, as amended (the "Securities Act").
Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Turkey, Romania and Hungary. In the United States, Toreador primarily owns working interests in five states.
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