Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

November 01, 2006 12:15 ET

Triton Announces Closing of $4 Million Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 1, 2006) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") is pleased to announce that it has closed the private placement financing previously announced on October 6, 2006 with a syndicate of underwriters co-led by Acumen Capital Finance Partners Limited and CIBC World Markets Inc., and including Canaccord Capital Corporation (the "Underwriters"). In accordance with the terms of the private placement financing agreement (the "Agreement"), Triton issued by way of a private placement 2,352,942 common shares on a flow-through basis at $1.275 per flow-through share for gross proceeds of $3 million. The Underwriters also exercised their option in full to purchase an additional 784,314 common shares on a flow-through basis at $1.275 per flow-through share for additional gross proceeds of $1 million. Accordingly, the Corporation issued a total of 3,137,256 common shares on a flow-through basis for total gross proceeds of $4 million. The shares issued pursuant to the private placement are subject to a four (4) month hold period expiring March 2, 2007. As a result of this issuance, the Corporation now has 25,148,224 common shares issued and outstanding. Proceeds from the private placement will be used to fund Triton's ongoing exploration activities.

Triton is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TEZ".

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

Contact Information

  • Triton Energy Corp.
    Michael S. Zuber
    President & CEO
    (403) 266-5541 ext. 222
    (403) 266-5579 (FAX)
    Email: mzuber@tritonenergy.ca
    or
    Triton Energy Corp.
    Dean J. Schultz
    Vice President, Finance & CFO
    (403) 266-5541 ext. 229
    (403) 266-5579 (FAX)
    Email: dschultz@tritonenergy.ca