Non-brokered offering sells 10,292,250 common shares at C$0.16 apiece
By Devika Patel
Knoxville, Tenn., May 15 - Azabache Energy Inc. said it took in C$1.65 million in a non-brokered private placement of stock. The deal priced for between C$5 million and C$10 million on March 18.
The company sold 10,292,250 common shares at C$0.16 per share. The price per share is a 5.88% discount to the March 15 closing share price of C$0.17.
Proceeds will be used to complete fracture stimulation and work over of the company's COVx-2 well in the Vaca Muerta formation as well as for general working capital and general corporate purposes.
Azabache is a petroleum and natural gas exploration company based in Toronto.
| Issuer: | Azabache Energy Inc.
|
| Issue: | Common shares
|
| Amount: | C$1,646,760
|
| Shares: | 10,292,250
|
| Price: | C$0.16
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | March 18
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.17 at close March 15
|
| Market capitalization: | C$20.21 million
|
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