Tanganyika Announces C$75 Million Private Placement
Tanganyika Oil Company Ltd. has agreed to sell, on a non-brokered, private placement basis, up to an aggregate of 5 million common shares of the Company at a price of CDN $15 (SEK 93 at an exchange rate of 6.20) per share for gross proceeds of up to CDN $75.0 million (SEK 465 million). A finders fee of up to 4.0% may be payable on a portion of the private placement. Net proceeds of the private placement will be used towards development of the Company's oil and gas assets in Syria as well as for general corporate purposes. The shares issued pursuant to the private placement will be subject to a four month hold period. The private placement is subject to regulatory approval.
Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol "TYKS".