News Release – Share Purchase Agreement Drawdownadmin
Calgary, Canada / ACCESSWIRE / March 28, 2014 / Transeuro Energy Corp. (“Transeuro” or the “Company”) announces that the Company has executed a further drawdown of the Share Purchase Agreement (the “SPA”) with YA Global Master SPV Ltd (“Yorkville”). The Company has issued 12,400,000 shares ( the “Drawdown”) to Yorkville at a deemed price of CAD 0.05, valued at approximately NOK 3,317,200. Shares are issued to Yorkville pursuant to Canadian prospectus exemptions and are subject to a four month hold period before the shares can be sold into the market.
The proceeds received from Yorkville will be used to fulfill all repayments of principal and interest under the revised Loan Agreement with Yorkville dated May 2012.
The Company will expect to issue further shares to Yorkville on an ‘as needed’ basis and according to the terms of the revised SPA so as to support development of its existing assets and implement its strategic plan. Project specific financing and other funding activities will also be pursed as requried. Seperate announcements will be made for all subsequent share issuances under the SPA.
ABOUT THE COMPANY
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. The Company owns 100% of a gas property located in British Columbia, Canada, has interest in gas exploration and appraisal developments in Crimea, Ukraine and has an oilfield redevelopment project in Jordan.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, CFO, +1 403 705 1919
Yorkville Advisors LLC Brian Kinane +44 (0) 207 451 0009
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. The Company 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, the use of funds drawn down under the SPA, the sale by Yorkville of the Implementation Shares after four months and the expectation of the Company to issue further shares to Yorkville on an as-needed basis pursuant to the terms of the SPA,. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the future trading price and volume of the Company’s shares . See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities.
SOURCE: Transeuro Energy Corp.
Posted: March 28th, 2014 under ACCESSWIRE.