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| Home : Caza Oil & Gas Announces US$4,000,000 Convertible Loan |
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Feb 19
2015 |
Caza Oil & Gas Announces US$4,000,000 Convertible Loan |
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HOUSTON, TEXAS--(Marketwired - Feb. 19, 2015) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) announces that it has obtained a US$4,000,000 loan as an initial tranche of a US$5,000,000 facility under a convertible unsecured note agreement dated February 18, 2015 (the "Facility") with YA Global Master SPV Ltd., an investment fund managed by Yorkville Advisors LLC and Global Market Neutral Strategies SICAV P.L.C. (collectively, the "Investors"). Additional tranches may be available with the consent of the Investors. The Company has immediately drawn down US$1,000,000 of the initial tranche and expects to draw down the remaining US$3,000,000 during the following thirty (30) days. Loan proceeds will be used to cover ongoing operational costs. The Company believes the Facility represents the most cost effective and accessible form of financing in the current oil price environment. Furthermore, the injection of the entire initial tranche into the Company will result in an agreement with its existing debt provider, Apollo Investment Corporation ("Apollo"), which will defer determination of finance and performance covenants under its US$50,000,000 note purchase agreement from 31 March 2015 to 30 September 2015. This deferral will provide the Company with added flexibility in determining its allocation of capital resources during this period of low oil prices. |
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| Source:http://www.marketwired.com/mw/release.do?id=1993047&sourceType=3 |
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