TransAtlantic Petroleum Corp.: Closes US $4.25 million Bought Deal Financing.CALGARY, Alberta -- TransAtlantic Petroleum Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TNP TNP The New Paper (Singapore newspaper) TNP Tratado de No Proliferación Nuclear (French) TNP Trattato di Non Proliferazione Nucleare (Italian) .U) announced that it has closed a US $4.25 million bought deal underwritten private placement financing. The financing was underwritten by Canaccord Capital Corporation and by Quest Securities Corporation (the "Underwriters"). Pursuant to the financing, TransAtlantic has issued 5,000,000 Units at US $0.85 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder to acquire one common share at a price of US $1.05 for a period of 24 months following the closing of the financing, provided however, if the volume weighted average closing price of TransAtlantic's common shares exceeds US $1.40 per share for 20 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. , the Company will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to accelerate expiration of the warrants (thereby requiring the warrant holder to exercise the warrant within 30 days of being notified of the accelerated expiration). In connection with issuance of the Units, the Company paid the Underwriters a commission of 7.5% of the gross proceeds raised (US $297,500) and issued 375,000 broker warrants to the Underwriters exercisable on the same terms as the warrants forming part of the financing Units. The additional capital will be used for TransAtlantic's ongoing exploration and production activities; specifically, South Gillock in South Texas and its operations in southeast Turkey and northeast Morocco as well as for working capital. TransAtlantic now has outstanding approximately 37.7 million shares and 11.3 million share purchase warrants consisting of 500,000 exercisable at US $1.00, 2.9 million exercisable at US $1.05 and 7.9 million exercisable at US $1.50 per share. TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and the USA and is pursuing other selected foreign opportunities. This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of , fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTH AUTH Authority/Authorization/Authorized AUTH Author Auth Authentication AUTH Aristotle University of Thessaloniki AUTH Authentication Service ORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) TransAtlantic Petroleum Corp. (TSX:TNP.U) |
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