Form 8-K for TRI VALLEY CORP
11-Jan-2010
Unregistered Sale of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities
In January 2010, Tri-Valley Corporation issued 5,153,332shares of shares of restricted common stock to 75 accredited investors, including 65 U.S. residents and 10 non-U.S. residents.. These sales were made in privately- negotiated transactions in reliance on the exemption from registration requirements contained in Section 4(2) of the Securities Act of 1933 and were approved by the NYSE Amex LLC on January 5, 2010. Prices paid for the shares ranged from $1.00 to $2.00 per share, for a total consideration of $7,171,750.
Tri-Valley intends to use the proceeds of these sales for working capital and to accelerate its oil and gas field development programs already underway.
Wow. That's another ton of dilution. And selling shares at an average price way below market prices lately.
Wow.
Yorkville / Cornell Tracking Board #board-9964
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