One-year loan finances working capital and general corporate purposes
By Devika Patel
Knoxville, Tenn., July 29 – Azabache Energy Inc. said it arranged a C$1 million non-brokered convertible unsecured loan.
The 8% loan matures in one year and may be converted at maturity into common shares at C$0.16 per share. The conversion price is a 77.78% premium to the July 28 closing share price of C$0.09. The loan may be prepaid.
Proceeds will be used 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: | Convertible unsecured loan
|
| Amount: | C$1 million
|
| Term: | One year
|
| Coupon: | 8%
|
| Conversion price: | C$0.16
|
| Conversion premium: | 77.78%
|
| Call option: | Yes
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 29
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.09 at close July 28
|
| Market capitalization: | C$14.58 million
|
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