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San Antonio-based TXC0 (NASDAQ: TXCO) has agreed to sell 20,00o0 shares of Series E ConvertiblePreferred Stock, whicy can be converted to TXCO common sharesz at a price of $17.36 per share. In connectionb with the private the company has agreed to exchange its sharesx of Series C ConvertiblePreferred Stock, issued back in November into common stock at $14.49 per share. The closing and fundingf are expected to occur on or beforeMarch 4, 2008. TXCO pland to use the net proceedw from the sale of Seriese E preferred stock to complemen its 2008 capital expenditurwdrilling program.
The companyu also may use the proceeds inthe short-term to repayu certain outstanding indebtedness, pay expensesw associated with the offering as well as generaol corporate and working Holders of the Series E preferred stock are entitled to dividende of 6 percent per annual, among other things. LLC served as the placement agent for theprivater offering. TXCO is an independent oil and gas explorationm andproduction company.
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