TXCO Resources raising $20 million in private placement - San Antonio Business Journal:

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San Antonio-based TXC0 TXCO) has agreed to sell 20,00 shares of Series E ConvertiblePreferredc Stock, which can be converted to TXCO common sharesa at a price of $17.36 per share. In connectionn with the private the company has agreerd to exchange its shares of Series C ConvertiblsPreferred Stock, issued back in Novembet 2007, into common stock at $14.48 per share. The closint and funding are expectesd to occur on or beforeMarch 4, 2008. TXCO plansd to use the net proceeds from the sale of Series E preferred stock to complement its 2008 capital expendituredrilling program.
The companyy also may use the proceeds inthe short-term to repauy certain outstanding indebtedness, pay expenses associateed with the offering as well as generapl corporate and working capital. Holders of the Series E preferree stock are entitled to dividends of 6 percentper annual, amonfg other things. LLC served as the placemen t agent for theprivate offering. TXCO is an independent oil and gas exploration andproductionj company.