TransAmerican Announces Financing Renegotiation for $900,000
November 9, 2006, Vancouver, British Columbia - TransAmerican Energy Inc. (TSX
VENTURE:TAE) ("TransAmerican" or the "Company") the Company announces that it
has decided not to proceed with its private placement announced in a News Release on
October 3, 2006, and has instead renegotiated a private placement of up to $900,000
with certain placees, subject to receipt of acceptance by the TSX Venture Exchange (the
"Exchange").
These funds will be raised by the Company issuing up to 15,000,000 Units at a price of
$0.06 per Unit, each Unit consisting of one common share and one share purchase
warrant, each warrant entitling the holder thereof to purchase one additional common
share, exercisable for a period of one (1) year from the date of issuance at a price of
$0.10 per share. If over a period of twenty consecutive trading days commencing four
months after the issue of the share purchase warrants the weighted average closing
price of the Company's shares as traded on the Exchange exceeds Cdn. $0.15, then
TransAmerican may give notice in writing to the holders of the share purchase warrants
that the share purchase warrants shall expire at 5:00 p.m. (Vancouver time) on the 20th
business day following delivery of such notice unless exercised by the holder of the
share purchase warrants prior to such time.
Proceeds of $900,000 raised from this private placement will be used toward exploration
and development of the Company's oil and gas properties located in Mississippi and
Louisiana, and for general working capital.
The Company may pay finders' fees in connection with the private placement in
accordance with the policies of the Exchange.
Please visit the Company's website at http://www.transamericanenergy.com
ON BEHALF OF THE BOARD
Ron Hughes, President
CONTACT:
TransAmerican Energy Inc.
Ron Hughes, President
Toll Free: 1-888-945-5056
[email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this News Release.
