Debt investors also receive 9,245,000 common shares as a bonus
By Devika Patel
Knoxville, Tenn., Dec. 31 – Azabache Energy Inc. said it settled a C$2.31 million loan at a 6.98% discount for total net proceeds of C$2.15 million.
The 4% loan was accompanied by 9,245,000 bonus common shares.
Proceeds will be used for general corporate purposes, debt repayment and costs associated with the Covunco Norte-Sur Block development projects.
Azabache is a petroleum and natural gas exploration company based in Toronto.
| Issuer: | Azabache Energy Inc.
|
| Issue: | Loan, 9,245,000 bonus shares
|
| Amount: | C$2,311,250
|
| Proceeds: | C$2.15 million
|
| Coupon: | 4%
|
| Warrants: | No
|
| Settlement date: | Dec. 31
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.06 at close Dec. 30
|
| Market capitalization: | C$10.29 million
|
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