By Devika Patel
Knoxville, Tenn., May 21 - Azabache Energy Inc. said it settled a C$3.4 million private placement of units.
The deal was announced on Feb. 8, but originally was to include only stock. It was amended to include units and was slated to raise C$6.5 million, along with a C$3.5 million greenshoe, on April 29.
The company sold 16,195,682 units at C$0.21 apiece. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.30 for two years.
The placement was conducted by Toll Cross Securities Inc. and Jennings Capital Inc. as co-lead agents, along with Lightyear Capital Inc.
Proceeds will be used for drilling, coring and logging a number of wells on recently purchased lands in west central Alberta. The remainder will be used for general corporate purposes and to increase production on the Saskatchewan oil bearing properties.
Azabache is a petroleum and natural gas exploration company based in Toronto.
| Issuer: | Azabache Energy Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.4 million
|
| Units: | 16,195,682
|
| Price: | C$0.21
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | Toll Cross Securities Inc. and Jennings Capital Inc. (co-leads), Lightyear Capital Inc.
|
| Announcement date: | Feb. 8
|
| Pricing date: | April 29
|
| Settlement date: | May 21
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.23 at close April 29
|
| Market capitalization: | C$1.52 million
|
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