News Release - Share Purchase Agreement Drawdown
Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that further to its press release dated 26th March 2013, the Company has executed the first drawdown of the Share Purchase Agreement (the "SPA") with YA Global Master SPV Ltd ("Yorkville"). The Company will issue 6,192,460 shares ( the "Drawdown") to Yorkville at a deemed price of CAD 0.05, valued at CAD 309,623, subject to approval by the TSX Venture Exchange and the Oslo Axess. Shares will be issued to Yorkville pursuant to Canadian prospectus exemptions and are subject to a four month hold period before the shares can be sold into the market.
The proceeds received from Yorkville will be used for the first agreed loan repayment under the revised Loan Agreement with Yorkville dated May 2013. Following this payment the Company anticipates further repayments of the principal and interest in December 2013 and April 2014.
ABOUT THE COMPANY
Transeuro 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 owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, CFO, +1 403 705 1919
http://www.transeuroenergy.com
Yorkville Advisors LLC Brian Kinane +44 (0) 207 451 0009
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this 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.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the use of funds drawn down under the SPA and the expectation of the Company to issue further shares to Yorkville on an as-needed basis pursuant to the terms of the SPA. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the future trading price and volume of the Company's shares. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities.
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