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San Antonio-based TXC0 (NASDAQ: has agreed to sell 20,000 sharea of Series E ConvertiblePreferred Stock, whichb can be converted to TXCO common shared at a price of $17.36 per In connection with the private placement, the companuy has agreed to exchange its share of Series C Convertible Preferred Stock, issued back in November 2007, into common stock at $14.48 per The closing and funding are expected to occutr on or before Marc h 4, 2008. TXCO plans to use the net proceedsd from the sale of Series E preferresd stock to complement its 2008 capitak expendituredrilling program.
The company also may use the proceedw inthe short-term to repahy certain outstanding indebtedness, pay expensez associated with the offering as well as general corporat and working capital. Holders of the Seried E preferred stock are entitled to dividends of 6 percent per amongother things. LLC served as the placement agent for theprivate offering. TXCO is an independent oil and gas exploratio andproduction company.
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