TransCoastal Corporation Signs a $5 Million Equity Funding Agreement with Kodiak Capital Group, LLC
November 06 2013 - 6:09PM
Business Wire
TransCoastal Corp (OTCQB: TCEC), an energy development company,
announced that it has entered into a $5 million common stock
purchase agreement with Kodiak Capital Group, LLC, a Newport
Beach-based institutional investor. The stock purchase is
contingent upon a number of events including certain pricing
criteria and the availability of registered common stock.
TransCoastal anticipates registering the necessary common stock
shares that may be issued to Kodiak under the terms of the common
stock purchase agreement with the U.S. Securities & Exchange
Commission (“SEC”). Once the SEC registration is effective the
company has the right at its sole discretion over a period of one
year to sell to Kodiak up to $5 million worth of its common stock
under the terms set forth in the agreement.
“We’re very excited to begin our relationship with Kodiak and
welcome their potential investment in TransCoastal,” commented
Stuart Hagler, Chief Executive Officer, of TCEC. “We believe that
Kodiak recognizes the value of our assets and our bright
future.”
“This potential capital infusion will allow the company to
accelerate its business plan to develop all three components of its
assets, including recently identified acquisitions in the Brown
Dolomite, Granite Wash, Hogshooter, Cline, and Eagleford shale
formations as well as our core areas of operations,” added Dave
May, President of Acquisitions of TCEC.
Andy Westmorland, TCEC President of Operations, remarked, “I am
excited that we are going to be able to continue developing our
behind pipe reserves in the Dolomites of the Panhandle, the Shale
in Montague County and the James Lime in Shelby County.”
Ryan Hodson, Managing Director of Kodiak, said, “TransCoastal
has a great management team and plan in place to capitalize on
their assets and make this investment strong. We look forward to
implementing our relationship and assisting them with their
expansion.”
Additional details regarding the financing are included in an
8/K filed on November 6, 2013 by TransCoastal with the Securities
and Exchange Commission.
About TransCoastal:
TransCoastal Corporation has been a privately held independent
oil & gas company formed in August 1998 and headquartered in
Dallas, Texas. Since inception, TransCoastal's growth has focused
on the acquisition of producing oil and gas properties. The
Company's strategy is driven by exploitation opportunities of
proven yet underdeveloped mature oil and gas fields which possess
long-life reserve potential with low risk development
opportunities. For further information on the Company, please visit
our website www.TransCoastal.net.
About Kodiak Capital Group, LLC:
Kodiak is an institutional investor headquartered in Newport
Beach, CA. Kodiak makes private investments in public and private
entities utilizing proprietary equity and debt instruments. These
investments provide long-term strategic capital offering companies
certainty, flexibility and consistency. Kodiak’s investments are in
a wide range of industries emphasizing alternative energy, consumer
products, life sciences, natural resources, and social media
technology. For more information, visit www.kodiak-capital.us.
TransCoastal CorporationDerrick May, Corporate
Secretary972-818-0720
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