Exploration & Production | Debt | Capital Markets
Azabache Energy Finances Norte-Sur Development
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Azabache Energy Inc. has announced that, subject to final TSX Venture Exchange Inc. approval, it has closed its previously announced senior unsecured interest-bearing debt financings in the principal amount of up to an aggregate of $2,365,000 with various arm's length and non-arm's length parties to the Corporation.
The Debt Financings were issued to the Lenders at a discount of 6.98%, resulting in net proceeds to the Company of $2,200,000.
The Company intends to use the proceeds from the Debt Financings for (i) general corporate purposes, (ii) to pay out certain existing debt of the Corporation and (iii) to pay the costs associated with the Corporations Covunco Norte-Sur Block development projects.
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