Azabache Energy Inc. announced that it has received CAD 3.97 million in funding from Green Power Corporation, Texada Capital Management Ltd, and other investors.
On December 23, 2013, the company issued 26,023,064 units for gross proceeds of CAD 3,382,998.32 in its first tranche pursuant to exemption ptovided under Regulation D. The company paid finder's fees of CAD 87,722.91. All securities issued under the tranche will be subject to a four month hold period until April 24, 2013.
On December 24, 2013, the company issued 4,088,461 units for gross proceeds of CAD 531,499.93 in its second tranche. The company issued 30,111,525 units for gross proceeds of CAD 3,914,498.25.
On February 27, 2014, Azabache Energy Inc. closed the transaction. The company additional 444,615 units for gross proceeds of CAD 57,799.95. The company issued an aggregate of 30,556,140 units for gross proceeds of CAD 3,972,298.20. Green Power Corporation S.A. subscribed for 6,538,461 units, existing investor Texada Capital Management Ltd. subscribed for 384,615 units, Glenn Van Doorne subscribed for 1,923,095 units, and Rodger Gray subscribed for 200,000 units in the transaction. The company paid CAD 88,191 as cash finder's fee to Toll Cross Securities Inc. and CAD 22,362 as other expenses.