TransGlobe Energy Corporation Announces Successful Closing of Cdn $11 Million Bought Deal Financing

Source: www.gulfoilandgas.com 11/24/2004, Location: North America

CALGARY, ALBERTA-- TransGlobe Energy Corporation is pleased to announce that it has successfully closed its previously announced bought deal financing with a syndicate of underwriters, issuing 2,530,000 common shares at a price of Cdn$4.35 per share for gross proceeds of approximately Cdn$11,005,500. The underwriters also retain an over-allotment option, expiring on December 24, 2004, to acquire an additional 379,500 common shares at Cdn$4.35 per share, which, if exercised, would result in additional gross proceeds to the Company of approximately Cdn$1,650,825.

Proceeds of the offering will be used to expand TransGlobe's existing capital expenditure programs in the Republic of Yemen and the Arab Republic of Egypt.

TransGlobe is a growth oriented international energy company engaged in the exploration, development and production of crude oil and natural gas in the Republic of Yemen, the Arab Republic of Egypt and Alberta, Canada.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares offered will not and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements.



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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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