Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Far East Energy Reaches Agreement for $60 Million Private Placement Senior Secured Notes Financing

HOUSTON, Jan. 15, 2013 /PRNewswire/ -- Far East Energy Corporation (OTCBB:FEEC) a U.S. listed company operating the Shouyang Coalbed Methane (CBM) Block in Shanxi Province, Peoples Republic of China, announced today that it has executed a Securities Purchase Agreement to sell senior secured notes and warrants in a private placement for $60,000,000 in gross proceeds.  The transaction is expected to close and fund by January 16, 2013 or as soon as practicable thereafter upon satisfaction of the closing conditions.

Far East will utilize the proceeds for drilling and completion of wells in its Shouyang Block, construction of associated gathering and compression, development of an overall development plan for the 1-H Pilot area, repayment of $4.125 million of principal outstanding under the $25.125 million with Standard Chartered Bank (the "SCB credit facility"), together with all capitalized and accrued interest and an amendment fee, and general corporate purposes.

In addition to the $60 million raised through the private placement, under the agreements governing the private placement, and subject to the closing and funding of the private placement, Standard Chartered Bank has elected to roll forward $21 million of its existing $25.125 million credit facility (the "SCB credit facility"), for an additional 12 month term from the date of closing.  

The notes will be senior secured obligations of Far East Energy (Bermuda), Ltd., a wholly owned subsidiary of Far East Energy Corporation, and are fully and unconditionally guaranteed by Far East Energy Corporation.  The notes provide for the payment of 13% interest semi-annually in arrears with an option to pay interest in kind at a rate of 14.5% per annum.  The notes mature three years from date of closing.

The notes provide that Far East will, under any future credit facility, such as a reserves-based lending facility, first use the funds drawn thereunder to repay any obligations that remain outstanding under the SCB credit facility and then to redeem the notes. 

Warrants will be issued at closing and, for a period of five years, will entitle the holder to acquire a number of shares of common stock of Far East Energy Corporation equal to 15% of the now currently fully diluted shares at an exercise price of $0.085 per share subject to certain anti-dilution adjustments.  The number of shares that may be purchased upon exercise of the warrants is subject to adjustment in the event of future issuances of shares of common stock below prices to be set forth in the warrant agreement and in certain circumstances.  The shares that may be purchased upon exercise of the warrants are entitled to certain registration rights pursuant to a registration rights agreement between Far East Energy Corporation and the initial investors.  The foregoing description of the notes and warrants is qualified in its entirety by reference to the securities purchase agreement and associated indenture, warrant agreement and registration rights agreement to be filed as exhibits to a Current Report on Form 8-K upon consummation of the transaction.

Knight Capital Americas LLC acted as advisory agent in connection with the private placement.

The securities were offered pursuant to exemptions from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) of the Securities Act thereunder and may not be offered and sold to U.S. persons absent registration or an exemption therefrom.

Far East Energy Corporation

Based in Houston, Texas, with offices in Beijing, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China.

This press release contains forward-looking statements. Forward-looking statements give Far East Energy Corporation's current expectations or forecasts of future events based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in Far East Energy Corporation's filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Forward-looking statements in this press release relate to, among other things, the closing of the private placement and the use of proceeds therefrom. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, Far East Energy Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Far East Energy Corporation

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Cloud Developer Stories
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections tha...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application an...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series ...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE