Last checked at 17 Jun 2008 07:00
Tuesday, 17 June, 2008
THE PARKMEAD GROUP PLC ("Parkmead" or the "Group")
Participation in debenture financing for Transeuro Energy Corporation ("TSU")
Parkmead today announces that it has invested $1.25 million Canadian Dollars in the recent debenture financing for TSU, the oil & gas exploration company with assets in Ukraine, Canada, and Papua New Guinea, and which is dual listed on the Oslo Axess and Toronto stock exchanges.
The debenture will carry an interest rate of 12% per annum, payable semi-annually in arrears.
The principal amount of the debenture, plus accrued interest, may be convertible into common shares at the election of Parkmead at any time following the date that is six months from the closing date up until the maturity date at a conversion price of 25 cents. TSU will have the right to repay the principal amount of the debenture, plus accrued interest, at any time without penalty or charge.
Parkmead will also receive 5.0 million warrants. Each warrant is exercisable for a period of eighteen months into a common share of TSU at an exercise price equal to 25 cents.
Commenting on the investment, Niall Doran, Chief Executive of the Group, said:
"We are very pleased to have invested in TSU. The company has an exciting portfolio of assets,
some of which have the potential to transform the fortunes of the company. This investment is another step forward in our strategy of investing in energy based assets. We have a strong management team with in-depth expertise in the global energy industry and we are continuing to work on a range of investment opportunities covering exploration and production."
For further information:
| The Parkmead Group plc | 020 7494 5770 |
| Niall Doran CEO | |
| Gordon Ashworth, CFO | |
| | |
| Madano Partnership | 0207 593 4000 |
| Matthew Moth / Mark Way | |
| | |
| Charles Stanley Securities (Nominated Adviser) | 0207 149 6482 |
| Rick Thompson / Carl Holmes | |