TransAtlantic Petroleum Ltd. (AMEX:TAT) announced a private placement of convertible promissory notes for gross proceeds of $5,000,000 on December 30, 2015. The transaction will be completed in tranches. The transaction will include participation from existing investor, ANBE Holdings, L.P. The notes will bear a fixed interest rate of 13% per annum. The notes will mature on June 30, 2016. The notes are senior unsecured obligations of the company and are structurally subordinated to all indebtedness of the company's subsidiaries. The latest date on which the company may request subsequent tranche is June 15, 2016. The company will issue securities pursuant to exemption provided under Regulation D.

On the same date, the company received $3,600,000 in its first tranche.