This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tri-Valley Corporation Exchanges Its Series C Warrants For Common Shares

Tri-Valley Corporation (NYSE Amex:TIV) today announced that it has entered into an exchange agreement with two institutional investors for the exchange and cancellation of their remaining outstanding Series C warrants for shares of the Company’s common stock. Under the terms of the agreement, the investors exchanged and cancelled warrants to purchase an aggregate of 600,962 shares of Tri-Valley’s common stock for 230,000 shares of the Company’s common stock, and relinquished all their remaining rights under the April 6, 2010 Sales Purchase Agreement, including a right to participate in up to 50% of future financings for a one year period ending April 6, 2011. Upon completion of the exchange, all of the warrants issued in the April 6, 2010, transaction will have been exercised or exchanged for Tri-Valley common stock, and there will be no outstanding warrants related to that transaction.

“This transaction completes Tri-Valley’s efforts to remove the uncertainty surrounding the potential dilution due to outstanding warrants on our common stock,” said Maston N. Cunningham, President and CEO of Tri-Valley. “We can now consider a range of financing options to fund our plans for growing our oil and gas operations, which we believe provide opportunities for much enhanced shareholder value.”

Material Terms of the Exchange Agreements

Tri-Valley will issue its stock in exchange for the warrants without payment of any additional consideration. After the exchange, the warrants will be canceled.

The exchange agreement contains customary warranties from the investor regarding its organization, authorization to execute the agreement, and its ownership of the warrants at the time of the exchange. Tri-Valley also makes customary warranties to the investor, including with respect to its own organization, authorization and due issuance of the stock being exchanged. Tri-Valley also confirms that it has not provided material, nonpublic information to the investor.

About Tri-Valley

Tri-Valley Corporation explores for and produces oil and natural gas in California, and has two exploration-stage gold properties in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol "TIV." Our Company website, which includes all SEC filings, is

Forward-looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events, and performance could vary materially from those contemplated by these forward-looking statements which include such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events, and performance to differ materially are risks and uncertainties discussed in "Item IA. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and in “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" as disclosed in the Company’s Quarterly Report on Form 10-Q for the most recent quarter ended September 30, 2010.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs