Transnational Financial Network Announces Increase in Number of Shares to be Purchased by Pegasus Funds
July 10 2006 - 10:42PM
Business Wire
Transnational Financial Network, Inc. (AMEX:TFN), a wholesale and
retail mortgage banking firm, announced today that its board of
directors had approved an increase in the number of shares of
Common Stock to be acquired by an affiliate of Pegasus Funds, LLC,
a Dallas-based private equity fund. Originally, Pegasus had agreed
to purchase 2,500,000 shares of its common stock for $0.70 per
share and the amendment increases that number to 3,000,000. The
amendment also grants Pegasus an 8% due diligence fee on the moneys
raised and extends the closing to July 21, 2006. The terms of the
original warrant granted to Pegasus to purchase 1,650,000 shares of
Common Stock for $0.70 remains unchanged. Transnational Financial
Network, Inc. is a wholesale and retail mortgage banker that
originates, funds and sells mortgage loans secured by one to four
family residential properties. Through its strong sales and broker
service programs, the Company has built a foundation for growth and
expansion, principally in the markets of Northern California,
Southern California and Arizona. This News Release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove correct.
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