Wednesday, September 29, 2010

TransAtlantic Petroleum (Amex:TAT) Placed "Under Review" by Canaccord Genuity

TransAtlantic Petroleum (Amex:TAT) has had it price target and rating placed "under Review" by Canaccord Genuity.

Canaccord said, "TransAtlantic Petroleum has provided an operational update and has filed a free writing prospectus for an equity

financing for a minimum of US $50 million up to a maximum of $100 million in gross proceeds...We are placing our recommendation and target price UNDER REVIEW pending disclosure of the specific terms of the announced equity financing."

TransAtlantic says commitments have been received from investors to acquire 30,357,143 common shares in a registered direct offering at a purchase price of $2.80/share. That would generate about $85 million, which after fees and expenses, would come to about $80.6 million.

The stock closed Tuesday at $2.81, down $0.16, or 5.39 percent.

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