Vanguard Energy Corporation Closes Financing
12 9월 2012 - 8:30PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, announces it has closed the convertible debt
offering.
On August 31, 2012 the company completed the sale of convertible
secured notes to a group of private investors. The notes bear
interest at 15% payable quarterly and mature on June 15, 2015, they
are convertible into common shares at a conversion price of $1.25
per share. Notes in the cumulative total amount of $5.2 million
were sold for cash and notes for $3.0 million were exchanged for
notes sold in 2010. As a result, the outstanding principal balance
of the notes sold in 2010 is $325,000 as of August 31, 2012.
Proceeds from this financing will be used to fund an accelerated
drilling program at the Companies Batson Dome Field in southeast
Texas and to pay of the remaining balance of the 2010 notes on the
maturity date of October 31, 2012.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said: "I am
very pleased in both the terms of our offering and the final
results. Not only did we raise sufficient new capital to fund the
accelerated drilling program at our Batson Dome Field, but we able
to exchange the majority of the notes sold in 2010 into this
offering allowing us to focus on field operations and growing
Vanguard for our shareholders."
About Vanguard Energy
Vanguard Energy is an oil drilling and production company with a
focus on established oil fields in southeast Texas. Concentrating
on oil properties in established areas with proven production,
Vanguard applies its managerial expertise to maximize production
while minimizing risk. Vanguard is focused on creating shareholder
value by building cash flow and oil reserves through an aggressive,
focused acquisition and development program in the prolific
southeast Texas oil producing region. Vanguard's initial area of
operation is in the famous Batson Dome Field where it controls 500
strategic acres with substantial oil reserves. For more information
visit the Company's web site at www.vanguardenergycorp.com
Safe Harbor
This press release and other statements Vanguard Energy may make
in the future contain forward-looking statements that relate to
Vanguard's plans, objectives and future estimates. Various risks,
uncertainties and other factors could cause actual results to
differ materially from those expressed in any forward-looking
statements. For a more detailed list of such risks, uncertainties
and other factors, please refer to the Risk Factor section of
Vanguard's Registration Statement on Form S-1 and in its periodic
filings with the Securities and Exchange Commission. Vanguard makes
no commitment to update any forward-looking statement, or to
disclose any facts, events, or circumstances after the date of this
release that may affect the accuracy of any forward-looking
statement, except as may be required by applicable law.
Investor Relations Contact: Brad Holmes EnergyIR (713) 654-4009
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