TransAmerican Energy Inc.
TSX VENTURE : TAE
FRANKFURT : YQJ

TransAmerican Energy Inc.

March 25, 2010 16:33 ET

TransAmerican Closes $500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TransAmerican Energy Inc. (the "Company") (TSX VENTURE:TAE)(FRANKFURT:YQJ) announces that it has closed the private placement announced in a News Release dated March 15, 2010. On March 24, 2010 the Company received acceptance from the TSX Venture Exchange to close the private placement.

In accordance with the provisions of the Subscription Agreements, on March 25, 2010, the Company issued a total of 10,000,000 Units at $0.05 per Unit, each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder to purchase one (1) additional common share at $0.10 per share on or before March 24, 2011.

These shares and any shares issued on exercise of the warrants will be subject to a hold period under applicable Canadian securities laws expiring on July 26, 2011, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

As previously announced, proceeds raised from the private placement will be used for the acquisition of a 100% interest in 10 Utica shale oil and gas properties comprising 136,000 acres located in Quebec (the "Acquisition"), as more particularly disclosed in the Company's News Release dated March 15, 2010, and for general working capital purposes. On March 18, 2010 the Company received acceptance for filing of the Acquisition from the TSX Venture Exchange.

ON BEHALF OF THE BOARD
"Jurgen Wolf"
Jurgen Wolf, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • TransAmerican Energy Inc.
    Jurgen Wolf
    Director
    (604) 718-2800
    (604) 718-2808 (FAX)