TRANSATLANTIC PETROLEUM LTD. (TSE:TNP) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02Unregistered Sales of Equity Securities
On October 2, 2017, TransAtlantic Petroleum Ltd. (the “Company”) issued an aggregate of 2,591,384 common shares (the “Shares”) in a private placement under the Securities Act of 1933, as amended (the “Securities Act”), to holders of the Company’s 12.0% Series A Convertible Redeemable Preferred Shares (the “Series A Preferred Shares”) as payment of the quarterly dividend on the Series A Preferred Shares.Each Share was issued at a price of $0.7108 per Share, which was equal to the 15-day volume weighted average price through the close of trading of the common shares on the NYSE American on September 13, 2017.
The Shares were issued to the exemptions from the registration requirements of the Securities Act provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act (“Regulation D”) for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D). Each investor represented to the Company that it is an “accredited investor.” The Shares also contained appropriate transfer restriction legends.
About TRANSATLANTIC PETROLEUM LTD. (TSE:TNP)
TransAtlantic Petroleum Ltd. is a holding company. The Company is an international oil and natural gas company engaged in acquisition, exploration, development and production. Its segments include Turkey and Bulgaria. The Company holds interests in approximately 880,000 and 567,000 net acres of developed and undeveloped oil and natural gas properties in Turkey and Bulgaria, respectively. The Company holds interests in over 20 onshore and offshore exploration licenses and approximately 25 onshore production leases covering a total of over 1.4 million gross acres in Turkey. All of its oil production is concentrated in southeastern Turkey, primarily in the Arpatepe, Bahar, Goksu and Selmo oil fields, and its natural gas production is concentrated in the Thrace Basin, which is located in northwestern Turkey near Istanbul. The Company holds interests in an onshore exploration license and an onshore production concession covering a total of approximately 567,110 acres in Bulgaria.
