Azabache Energy Inc. announced that it expects to receive CAD 2.37 million in funding.
On December 30, 2014, the company announced that he loan will bear interest at 4% per annum and will have a term of 18 months from the date of issuance. The loan will carry a face value of CAD 2,311,250 and will be raised at a discount of 6.98% of the face value. The transaction will involve participation from arm's length and non-arm's length parties. The company has a right of prepayment of the loan. The company will also issue 9,245,000 bonus shares to the lenders in connection with the transaction. The lenders will receive four bonus shares for advancing CAD 1 to the company as part of the loan.