TransCoastal Corporation (OTCPK:TCEC) announced a private placement of loan evidenced by a promissory note with Dalton Lott for gross proceeds of $1,500,000 on June 30, 2014. The company entered into loan agreement with Dalton Lott. The note carries a coupon of 5.5% per annum and would mature on.

There shall be no payments of principal or interest due until January 1, 2015. The interest only payments shall be made in the amount of $6,875.00 monthly, due on the first day of each month, beginning January 1, 2015, and each month thereafter until September 30, 2015. Beginning October 1, 2015, the principal and interest due herein shall be paid in 60 consecutive monthly payments until September 1, 2020 of $28,651.74, with the first payment due October 1, 2015, and the remaining payments due on the 1st day of each month thereafter until paid in full.