US Fund Invests in Aleator to Allow Completion of Financing Programadmin
Calgary, Canada: – Transeuro Energy Corp. ("Transeuro") announces the news released on October 31st, by Aleator Energy Ltd, "Aleator" (ASX:AWD) that Aleator has raised AU$500,000 through a convertible, redeemable and secured loan from a US based institutional investor. Funds raised by the loan will enable Aleator to satisfy the pre-payment of interest on the Euro 5 million loan facility announced on 2nd October 2013, which is now available to be drawn immediately. The Euro 5 million loan facility will allow Aleator to repay the AU$500,000 loan, contract the drill rig and move to spud the Pov-105 well, and satisfy the cash conditions precedent for the Gres Holdings US$20 million loan facility.
The announcement further includes a statement that the Povorotnoye project is in good standing and the drilling rig contract is ready for signing.
The full text of the Aleator announcement can be viewed at: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01460419
Transeuro is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas. Transeuro owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, IR, +1 403 705 1919
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this release. The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. Transeuro relies upon litigation protection for forward looking statements.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wire line log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
Posted: November 1st, 2013 under ACCESSWIRE.