Trisura Group Ltd V.TSU

Primary Symbol: T.TSU Alternate Symbol(s): TRRSF

Financial Services Insurance - Property & Casualty

Trisura Group Ltd. is a specialty insurance provider. The Company is engaged in operating in surety, risk solutions, corporate insurance, and fronting business lines of the market. It has investments in subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada (Trisura Canada) and the United States (Trisura US). Its segments include the operations of Trisura Canada, comprising surety business underwritten in both Canada and the United States, and risk solutions, fronting and corporate insurance products primarily underwritten in Canada and Trisura US, which provides specialty fronting insurance solutions underwritten in the United States. The main products offered by its surety business line are contract surety bonds, commercial surety bonds, developer surety bonds, and new home warranty insurance. Its contract surety bonds, such as performance and labor and material payment bonds, are primarily for the construction industry.

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Trisura Group Ltd

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Post by NeoMon Apr 30, 2012 10:31am

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Post# 19851557

NEWS: PROPOSED FINANCING

source: https://www.transeuroenergy.com/s/NewsReleases.asp?ReportID=522073&_Type=News-Release&_Title=NEWS-RELEASE-PROPOSED-FINANCING

Cheers and have a good day,
Neo

April 30, 2012
NEWS RELEASE -- PROPOSED FINANCING

Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces the Company is proceeding with the issue of a NOK 60-90 million senior secured convertible bond with maturity in May 2015 and is currently negotiating a second funding facility of approximately CAD 20 million. The main terms of the secured convertible bond are an annual interest rate at 12% and a conversion price at NOK 0.85.

The minimum convertible bond size of NOK 60 million has already been subscribed for by a limited number of investors and the Company has extended the subscription period to 5 pm Norwegian time on Wednesday May 2nd to allow other interested parties the opportunity to participate.

The received subscriptions for the contemplated convertible bond financing are subject to another financing facility currently being negotiated with one other financial institution for approximately CAD 20 million. This other financing is expected to be formally approved within one week.

The proceeds are for general corporate purposes and to ensure the company can develop up to 7 of its existing wells through to production over the next 12 months, including 3 wells in Ukraine and up to 4 wells in Canada. The planned activities include rig work-overs, hydraulic fracturing, acidizing and installation of the necessary production facilities and flow lines. The target is to increase production rates and sales revenues and to reduce the break even production cost in Canada. Following success the Company would anticipate the transfer of some discovered and contingent resources into reserves.

Fondsfinans ASA of Norway (www.fondsfinans.com) has been appointed as sole manager of the contemplated secured convertible bond issue.

ABOUT THE COMPANY
Transeuro is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas. The Company owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.

On behalf of the Board of Directors
Aage Thoen, Chairman

For further information contact:
Darren Moulds, Company IR, +1 403 705 1919
Karen Jenssen, Company IR, +47 91729787
https://www.transeuroenergy.com