Proceeds slated for exploration activities and general working capital
By Devika Patel
Knoxville, Tenn., April 27 - Azabache Energy Inc. said it plans a private placement of stock. It will raise C$15 million on a commercially reasonable efforts basis, with a 15% greenshoe.
The company will sell 27,275,455 common shares at C$0.55 apiece.
The price per share represents a 3.77% premium to C$0.53, the April 26 closing share price.
The company has engaged a syndicate of agents co-led by Toll Cross Securities Inc., Canaccord Genuity Corp. and FirstEnergy Capital Corp. and including Fraser MacKenzie Ltd. for the deal. Settlement is expected May 12.
Proceeds will be used for exploration activities in Colombia and Argentina and general working capital.
Azabache is a petroleum and natural gas exploration company based in Toronto.
| Issuer: | Azabache Energy Inc
|
| Issue: | Common shares
|
| Amount: | C$15,001,500
|
| Greenshoe: | 15%
|
| Shares: | 27,275,455
|
| Price: | C$0.55
|
| Warrants: | No
|
| Agents: | Toll Cross Securities Inc., Canaccord Genuity Corp., and FirstEnergy Capital Corp. (co-leads), Fraser MacKenzie Ltd.
|
| Pricing date: | April 27
|
| Settlement date: | May 12
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.53 at close April 26
|
| Market capitalization: | C$32.11 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
