TRANS-DOMINION ENERGY CORP ("TDE-T") - Raises $450,000 Through a Private
Placing and - Converts $157,000 Debenture
Trans-Dominion Energy Corporation announces that it has arranged for a private placing of
new shares, facilitated by MacDougall, MacDougall and MacTier, to raise $450,000 at a price
of $0.06 per share and has agreed to convert an outstanding shareholder debenture of
$157,000 into new shares. Upon completion of these transactions, Trans-Dominion Energy
Corporation will have 92.5 million shares outstanding. These transactions are subject to the
approval of the Toronto Stock Exchange.
The private placement is with Mr. Michael Doherty, the President & CEO of Trans-Dominion, who is investing $250,000 and TAG
Investments Limited, a company in which Mr. Doherty is a shareholder, that will invest $200,000. The $157,000 shareholder
debenture is with Mr. Charles Wheeler, the Chairman of Trans-Dominion.
The funds raised from the placing will be used to pay off some existing liabilities and to cover the working capital requirements of the
Company until the transaction with Anglo-African Energy Inc. is completed. Earlier this year, Anglo-African Energy agreed to
purchase a 75 percent interest in Trans-Dominion's Trinidad subsidiary for a total investment of US$ 5,000,000.
Commenting on the placing, Mr. Doherty said "This placing will give Trans-Dominion the required resources to complete its
arrangements with Anglo-African and to emerge from a very recessionary period in the industry with a much improved balance sheet.
The Company is positioning itself for growth and is currently looking at other joint ventures and corporate opportunities". TEL: (403)
262-6840 Geoffrey P. Bury, CFO E-MAIL: gbury@tdenet.com INTERNET: tdenet.com
______________________________________
(c) Corporate Dissemination Services Inc. All rights reserved.
Tel:(604) 689-1101
Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. |
