Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

March 17, 2008 16:41 ET

Tanganyika Closes CDN $75 Million Private Placement

CALGARY, ALBERTA--(Marketwire - March 17, 2008) - Tanganyika Oil Company Ltd. ("Tanganyika Oil" or "The Company") (TSX VENTURE:TYK)(OMX:TYKS) is pleased to announce that it has completed the private placement announced on March 4, 2008. The Company sold, on a non-brokered, private placement basis, an aggregate of 5 million common shares of the Company at a price of CDN $15 per share for gross proceeds of CDN $75.0 million. A finder's fee of 4.0% is payable on a portion of the private placement. Net proceeds of the private placement will be used towards development of the Company's oil and gas assets in Syria as well as for general corporate purposes. The Company has received regulatory approval and the shares have now been issued to the investors. The shares issued pursuant to the private placement are subject to a four month hold period expiring on July 15, 2008.

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol "TYKS".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tanganyika Oil Company Ltd.
    Gary Guidry
    President and Chief Executive Officer
    (403) 716-4051
    (403) 261-1007 (FAX)
    Email: gary.guidry@tykoil.com
    Tanganyika Oil Company Ltd.
    Ian Gibbs
    Chief Financial Officer
    (604) 689-7842
    604) 689-4250 (FAX)
    Email: ian.gibbs@tykoil.com
    Tanganyika Oil Company Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: sophias@namdo.com
    Website: www.tanganyikaoil.com