15th Dec 2015 08:29
LONDON (Alliance News) - Caza Oil & Gas Inc on Tuesday said it has entered into an agreement with Talara Opportunities V LP to raise funds through a share subscription and said it has entered settlement agreements with its lenders.
The company will issue 9.47 billion shares to Talara, raising USD45.5 billion for Caza, which it will then use to repay and restructure its debts to Apollo Investment Corp, YA Global Master SPV Ltd and GSC SICAV PLC.
The shares will be issued to Talara at 0.32 pence per share and, after completion of the placing, Talara and the company's management will own around 97% of the company's common shares.
Caza shares were up 20% to 0.3 pence on the news, the best performer in the AIM All-Share in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
CAZA.L