Azabache Energy Inc. (TSXV:AZA) announced a non brokered private placement of convertible loan for gross proceeds of CAD 1 million on July 29, 2014. The loan carries a coupon of 8% per annum calculated and payable together with the principal of the convertible loan upon the maturity date. The term of the loan shall be one year, with the company having a right to prepayment at any time. At maturity, the convertible loan may be convertible into common shares of the company at a conversion price of CAD 0.16 per share. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange Inc.

On September 19, 2014, Azabache Energy Inc. closed the transction. The common shares issued upon conversion of the convertible loan will be subject to a hold period of four months. The company announced that TSX Venture Exchange has accepted filing documentation with respect to the transaction. The transaction included participation from single placee, Glenn Van Doorne.