TPLM Triangle Completes First Stage of $6 Million Funding: "TPLM Triangle Completes First Stage of $6 Million Funding
CALGARY, Alberta--(BUSINESS WIRE)--June 17, 2005--Triangle Petroleum Corporation (OTCBB:TPLM) (the 'Company') is pleased to announce the following financing transaction.
On June 14, the Company received $1,000,000 from one sophisticated investor. The Company issued an 8% convertible debenture that is convertible into common stock at $1.00 per share, and a warrant to purchase 1,000,000 shares exercisable at $1.00 per share. These funds will be used to acquire seismic data in the Company's target area and for general corporate purposes.
In addition, the investor has the right to purchase an additional $5,000,000 of convertible debentures and warrants to purchase 5,000,000 shares on the same terms as above within the next 60 days. If all the debentures are issued the Company would receive a total of $6,000,000 and if all the warrants are exercised, the Company would receive an additional $6,000,000.
Mr. Gustafson, President and CEO, stated 'this funding serves as an effective starting point for building our conventional natural gas company'.
About Triangle Petroleum Corporation
Triangle is a focused natural gas exploration company developing a large resource play in the Deep Basin area of Western Canada. The Company will use propriety technology to identify and commercialize natural gas fields. An experienced team comprising technical and business skills is being formed to exploit the Company's opportunity portfolio. Advanced reservoir description techniques will complement state of the art 3-D seismic interpretations to optimize drill sites. Project specific drilling and well completion techniqu"
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