TransCoastal Corporation (OTCPK:TCEC) announced a equity line private placement of common shares for gross proceeds of $5,000,000 with new investor, Kodiak Capital Group LLC on November 5, 2013. The purchase price for the common shares will be equal to 75% of the lowest closing bid price of company's common shares in the five trading days after the put notice. There is no minimum amount the company can request in a put notice at any one time. The maximum amount the company can request in a put notice at any one time is the full $5,000,000. The investor is obligated to purchase the shares put by the company only if the shares to be purchased have been properly registered with the Securities and Exchange Commission in accordance with the terms of the registration rights agreement. Once the Securities and Exchange Commission registration is effective the company has the right to sell shares to the investor over a period of one year. In connection with the agreement, the company has issued 256,410 common shares to the investor, as part compensation for entering into the agreements and paid the investor $15,000 as a document preparation fee. The company will issue securities pursuant to exemption provided under Regulation D. No brokers, finders or financial advisory fees or commissions will be payable by the company with respect to the transaction. Craig G. Ongley of Kane Russell Coleman & Logan PC acted as an advisor to the company.

As of June 18, 2014, registration of the shares to be issued in the transaction is not effective.