TransGlobe Energy Corporation report the full exercise and closing of the over-allotment option granted by the Company to a syndicate of underwriters co-led by Scotia Capital Inc. and Macquarie Capital Markets Canada Ltd., and including Canaccord Genuity Corp., RBC Dominion Securities Inc., Dundee Securities Ltd., FirstEnergy Capital Corp. and GMP Securities L.P. whereby an additional $12.75 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures have been issued.

The Over-Allotment Option was granted to the Underwriters in connection with the Company's public offering of $85.0 million principal amount of Convertible Debentures which closed on February 22, 2012. The aggregate gross proceeds received by the Company pursuant to the Offering and the Over-Allotment Option is $97.75 million.

TransGlobe intends to use the net proceeds of the Offering and the Over-Allotment Option to pursue new business development opportunities including adding new acreage through farm-in arrangements, bid rounds or acquisitions.

Tags: TransGlobe Energy Corporation