Deal sells 10 million shares at C$0.20 to fund drilling, exploration
By Devika Patel
Knoxville, Tenn., Dec. 4 - Azabache Energy Inc. said plans a C$2 million non-brokered private placement of stock.
The company will sell 10 million common shares at C$0.20 per share. The price per share is a 33.33% premium to C$0.15, the Dec. 3 closing share price.
Settlement is expected Dec. 7.
Proceeds will be used for drilling and exploration activities and other costs associated with the company's Colombian operations.
Azabache is a petroleum and natural gas exploration company based in Toronto.
| Issuer: | Azabache Energy Inc.
|
| Issue: | Common shares
|
| Amount: | C$2 million
|
| Shares: | 10 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 7
|
| Stock symbol: | TSX Venture: AZA
|
| Stock price: | C$0.15 at close Dec. 3
|
| Market capitalization: | C$18.71 million
|
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