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TRANSEURO ENERGY CORP.
500 ` 900 West Hastings Street
Vancouver, B.C. V6C 1E5
NEWS RELEASE
RESUMPTION OF TRADING
August 31 2009 TSX-V/Oslo Axess: TSU
Vancouver, Canada: Transeuro Energy Corp. (`Transeuro' or the
`Company') is pleased to announce that it will resume trading on the
TSX Venture Exchange (`TSXV') on Tuesday, September 1, 2009 and on the
Oslo Axess exchange shortly thereafter.
The Company has received TSXV approval for a series of shares for debt
settlements. The Company has also received TSXV approval for its
settlement of its outstanding litigation with High Arctic Energy
Services. The `share for debt' restructuring has been performed using
a nominal price of CDN$0.20 per share, with additional terms covering
individual situations. Pursuant to the various shares for debt
settlements, the Company will issue a total of 160,237,812 common
shares and 33,537,565 share purchase warrants. Following the issuance
of these shares for debt, the Company will have reduced its financial
liabilities by approximately CDN$40 million. The Company has fully
settled its outstanding Bonds and has settled 50% of its outstanding
Debentures. In addition, the Company has settled a total of
$5,979,707.50 in amounts owing to employees, consultants and trade
creditors. Following this restructuring the Company will have
approximately 384,000,000
common shares outstanding and will have approximately $9.6 million in
outstanding liabilities. The Company's current cash position is
$570,000 and its shareholding in Eaglewood Energy Inc. is valued at
approximately $11.5 million.
As noted above, the Company has entered into a settlement agreement
pertaining to all of its outstanding litigation with High Arctic
Energy Services. In return, the Company has agreed to pay High Arctic
$500,000
and to issue them 10,000,000 common shares. Further details regarding
the settlements with each of the Bondholders and the Debenture holders
can be found in the Company's previous press release dated July 2,
2009.
All of the new shares to be issued pursuant to the shares for debt
settlement are subject to a 4-month hold period in Canada and will be
issued under a separate ISIN number. The Company has engaged Pareto
Securities AS to assist in preparing a prospectus related to the
shares to be issued pursuant to the debt restructuring, and the
prospectus is expected to be issued around the end of September. The
new shares cannot be traded in Norway until the prospectus has been
cleared by the Oslo Bors.
The Board of Directors would like to extend its appreciation to the
staff for their dedication and commitment during the restructuring
period and to the bondholders, debenture holders and creditors for
their support and cooperation.
The first priority of the Company is to proceed with development of
its assets using a combination of finances obtained from existing
shareholders and warrant holders and/or to introduce farm-in partners
to fund operations.. In addition, the Company is also reviewing
consolidation opportunities within its peer group of junior oil and
gas companies in order to strengthen its asset portfolio.
The Company is also pleased to announce the appointment of Sean
McGrath as Interim Chief Financial Officer of the Company. Mr. McGrath
is a professional accountant who has spent the last 12 years providing
financial
management services to publicly-traded co
n emphasis on junior mineral exploration and oil and gas exploration
companies. He holds two professional accounting designations,
Certified General Accountant
and U.S. Certified Public Accountant.
Transeuro Energy Corp. 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's
properties are located
in Canada, Armenia, and Ukraine. In addition, the Company owns shares
in Eaglewood Energy Inc. and holds a back-in option.
On behalf of the Board of Directors
Aage Thoen
Chairman
For further information contact: David Parry, SVP, +1 604 681 3939
http://www.transeuroenergy.com
The TSX Venture Exchange and Oslo Bors have not reviewed, and do not
accept responsibility for the adequacy or accuracy of the content of
this news 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.
From: Emil Lazarian | Ararat NewsPress
500 ` 900 West Hastings Street
Vancouver, B.C. V6C 1E5
NEWS RELEASE
RESUMPTION OF TRADING
August 31 2009 TSX-V/Oslo Axess: TSU
Vancouver, Canada: Transeuro Energy Corp. (`Transeuro' or the
`Company') is pleased to announce that it will resume trading on the
TSX Venture Exchange (`TSXV') on Tuesday, September 1, 2009 and on the
Oslo Axess exchange shortly thereafter.
The Company has received TSXV approval for a series of shares for debt
settlements. The Company has also received TSXV approval for its
settlement of its outstanding litigation with High Arctic Energy
Services. The `share for debt' restructuring has been performed using
a nominal price of CDN$0.20 per share, with additional terms covering
individual situations. Pursuant to the various shares for debt
settlements, the Company will issue a total of 160,237,812 common
shares and 33,537,565 share purchase warrants. Following the issuance
of these shares for debt, the Company will have reduced its financial
liabilities by approximately CDN$40 million. The Company has fully
settled its outstanding Bonds and has settled 50% of its outstanding
Debentures. In addition, the Company has settled a total of
$5,979,707.50 in amounts owing to employees, consultants and trade
creditors. Following this restructuring the Company will have
approximately 384,000,000
common shares outstanding and will have approximately $9.6 million in
outstanding liabilities. The Company's current cash position is
$570,000 and its shareholding in Eaglewood Energy Inc. is valued at
approximately $11.5 million.
As noted above, the Company has entered into a settlement agreement
pertaining to all of its outstanding litigation with High Arctic
Energy Services. In return, the Company has agreed to pay High Arctic
$500,000
and to issue them 10,000,000 common shares. Further details regarding
the settlements with each of the Bondholders and the Debenture holders
can be found in the Company's previous press release dated July 2,
2009.
All of the new shares to be issued pursuant to the shares for debt
settlement are subject to a 4-month hold period in Canada and will be
issued under a separate ISIN number. The Company has engaged Pareto
Securities AS to assist in preparing a prospectus related to the
shares to be issued pursuant to the debt restructuring, and the
prospectus is expected to be issued around the end of September. The
new shares cannot be traded in Norway until the prospectus has been
cleared by the Oslo Bors.
The Board of Directors would like to extend its appreciation to the
staff for their dedication and commitment during the restructuring
period and to the bondholders, debenture holders and creditors for
their support and cooperation.
The first priority of the Company is to proceed with development of
its assets using a combination of finances obtained from existing
shareholders and warrant holders and/or to introduce farm-in partners
to fund operations.. In addition, the Company is also reviewing
consolidation opportunities within its peer group of junior oil and
gas companies in order to strengthen its asset portfolio.
The Company is also pleased to announce the appointment of Sean
McGrath as Interim Chief Financial Officer of the Company. Mr. McGrath
is a professional accountant who has spent the last 12 years providing
financial
management services to publicly-traded co
n emphasis on junior mineral exploration and oil and gas exploration
companies. He holds two professional accounting designations,
Certified General Accountant
and U.S. Certified Public Accountant.
Transeuro Energy Corp. 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's
properties are located
in Canada, Armenia, and Ukraine. In addition, the Company owns shares
in Eaglewood Energy Inc. and holds a back-in option.
On behalf of the Board of Directors
Aage Thoen
Chairman
For further information contact: David Parry, SVP, +1 604 681 3939
http://www.transeuroenergy.com
The TSX Venture Exchange and Oslo Bors have not reviewed, and do not
accept responsibility for the adequacy or accuracy of the content of
this news 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.
From: Emil Lazarian | Ararat NewsPress