Announcement

Collapse
No announcement yet.

Transeuro Completes Financing, New President Appointed

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Transeuro Completes Financing, New President Appointed

    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
Working...
X