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Friday, 21 November, 2008, 19:20 GMT | more >>

Transmeridian cashes up



By Upstream staff 

Houston-based Transmeridian Exploration is raising $35 million to pay for development costs at the South Alibek field in western Kazakhstan.

The company will raise the cash this through a private placement of senior redeemable convertible preferred stock.

The shares will convertible at the option of the holder into common stock at a specified conversion price to be determined on the date of pricing, based on a premium to the market price of the company's common shares.

The company’s chief executive, chief financial officer and two other existing shareholders have also committed to buying $7 million of the preferred stock in a separate placement. The funds from this offer have already been received.


Monday, 27 November, 2006, 00:22 GMT  | last updated: Monday, 27 November, 2006, 09:35 GMT

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