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Transeuro Completes Financing, New President Appointed
Business Wire
Mar 01, 2005
Transeuro Energy Corp. (the "Company")(TSX VENTURE:TSU) is pleased to
announce the appointment of Mr. Edward Farrauto as President and Chief Executive
Officer of the Company. Mr. Farrauto is a director of Transeuro and the
Company's
current Chief Financial Officer.
Mr. Carlos Munoz has resigned as President and CEO of the Company. Mr. Munoz
will continue in his capacity as Director of the Company. The Board of
Directors of Transeuro Energy Corp. wish to thank Mr. Munoz for his
contributions to
the Company.
Mr. Farrauto has held the position of CFO since June of 2002. Mr. Farrauto
has several years of experience as a senior financial officer in public
companies. His experience encompasses financial and regulatory compliance and
public
company management. Mr. Farrauto has been directly responsible for overseeing
private placement financings, prospectus filings, reverse takeovers and merger
and acquisition transactions. He has extensive experience with U.S. filings
including SEC clearance and reporting issuers.
The Company has completed a non-brokered private placement of 7,690,000 units
for gross cash proceeds of $5,383,000. Each unit consists of one common share
and one half of one warrant. Each whole warrant will entitle the holder to
purchase one common share at $0.76 for a period of one year. The proceeds of the
offering will be used for the development of existing properties, the
acquisition of additional properties and general working capital. A $8,417.50
cash
finder's fee will be paid on this financing and the common shares and warrants
issued will be subject to a four month hold from the closing date.
The Company has granted Mr. Alan Peyton options to purchase up to 50,000
shares in the capital of the Company at a price of $0.77 for a period of five
years expiring on February 15, 2009. The foregoing is subject to TSX Venture
Exchange approval. Mr. Peyton will begin to evaluation of the Company's Block 2
project in Armenia as well as the Company's Petroleum Prospecting License #260
in
Papua New Guinea.
The Company has entered into a contract with Chernomornaftagas to complete
Transeuro's Gas Treatment Plant ("GTP") in the Chernomorsk region of the Crimean
Peninsula, southern Ukraine. This contract had been originally awarded to
Servisgas. The Company has terminated this contract with Servisgas due to
Servisgas being unable to procure and fabricate equipment to specifications
outlined
in the contract.TRANSEURO ENERGY David Parry, 604-639-7878 Director fax:
604-608-4733 email: [email protected] website:
http://www.TRANSEUROENERGY.COM
Business Wire
Mar 01, 2005
Transeuro Energy Corp. (the "Company")(TSX VENTURE:TSU) is pleased to
announce the appointment of Mr. Edward Farrauto as President and Chief Executive
Officer of the Company. Mr. Farrauto is a director of Transeuro and the
Company's
current Chief Financial Officer.
Mr. Carlos Munoz has resigned as President and CEO of the Company. Mr. Munoz
will continue in his capacity as Director of the Company. The Board of
Directors of Transeuro Energy Corp. wish to thank Mr. Munoz for his
contributions to
the Company.
Mr. Farrauto has held the position of CFO since June of 2002. Mr. Farrauto
has several years of experience as a senior financial officer in public
companies. His experience encompasses financial and regulatory compliance and
public
company management. Mr. Farrauto has been directly responsible for overseeing
private placement financings, prospectus filings, reverse takeovers and merger
and acquisition transactions. He has extensive experience with U.S. filings
including SEC clearance and reporting issuers.
The Company has completed a non-brokered private placement of 7,690,000 units
for gross cash proceeds of $5,383,000. Each unit consists of one common share
and one half of one warrant. Each whole warrant will entitle the holder to
purchase one common share at $0.76 for a period of one year. The proceeds of the
offering will be used for the development of existing properties, the
acquisition of additional properties and general working capital. A $8,417.50
cash
finder's fee will be paid on this financing and the common shares and warrants
issued will be subject to a four month hold from the closing date.
The Company has granted Mr. Alan Peyton options to purchase up to 50,000
shares in the capital of the Company at a price of $0.77 for a period of five
years expiring on February 15, 2009. The foregoing is subject to TSX Venture
Exchange approval. Mr. Peyton will begin to evaluation of the Company's Block 2
project in Armenia as well as the Company's Petroleum Prospecting License #260
in
Papua New Guinea.
The Company has entered into a contract with Chernomornaftagas to complete
Transeuro's Gas Treatment Plant ("GTP") in the Chernomorsk region of the Crimean
Peninsula, southern Ukraine. This contract had been originally awarded to
Servisgas. The Company has terminated this contract with Servisgas due to
Servisgas being unable to procure and fabricate equipment to specifications
outlined
in the contract.TRANSEURO ENERGY David Parry, 604-639-7878 Director fax:
604-608-4733 email: [email protected] website:
http://www.TRANSEUROENERGY.COM