Company seeks to fund exploration activities, general working capital
By Devika Patel
Knoxville, Tenn., Jan. 6 - Azabache Energy Inc. said agent Toll Cross Securities Inc. will assist the company in conducting a private placement of units. The deal will raise C$5.5 million.
The company will sell units at C$0.28 apiece. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.40 for two years. The strike price reflects a 53.85% premium to the Jan. 5 closing share price of C$0.26.
Settlement is expected Jan. 31.
Proceeds will be used for exploration activities and general working capital.
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$5.5 million
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Toll Cross Securities Inc.
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| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.26 at close Jan. 6
|
| Market capitalization: | C$14.65 million
|
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