TGA down yesterday ($85 million worth of debentures sold):
TRANSGLOBE ENERGY CORPORATION ANNOUNCES CLOSING OF
CDN$85.0 MILLION BOUGHT-DEAL FINANCING
TSX: "TGL" & NASDAQ: "TGA"
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Calgary, Alberta, February 22, 2012 – TransGlobe Energy Corporation ("TransGlobe" or the "Company") is pleased to announce it has closed its previously announced offering (the "Offering") of $85.0 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures (the "Convertible Debentures"). A syndicate co-led by Scotia Capital Inc. and Macquarie Capital Markets Canada Ltd., and including Canaccord Genuity Corp., RBC Dominion Securities Inc., Dundee Securities Ltd., FirstEnergy Capital Corp. and GMP Securities L.P. (collectively, the "Underwriters") acted as underwriters for the Offering. The Underwriters have also been granted an over-allotment option, exercisable, in whole or in part, at any time up until 30 days after closing, to purchase up to an additional $12.75 million aggregate principal amount of Convertible Debentures, to cover over-allotments.
TransGlobe intends to use the net proceeds of the Offering to pursue new business development opportunities including adding new acreage through farm-in arrangements, bid rounds or acquisitions.
The Convertible Debentures have a maturity date of March 31, 2017 and are convertible at the option of the holder into TransGlobe common shares at a conversion price of $15.10 per share any time prior to maturity or redemption. The Convertible Debentures are listed for trading on the Toronto Stock Exchange under the symbol "TGL.DB".
Kurt Vonnegut wrote some great books and had a great philosophy of life:
