1st Dec 2015 08:32
LONDON (Alliance News) - Caza Oil & Gas Inc on Tuesday said it has secured another extension to its financing arrangement with Apollo Investment Corp, as the company continues to be in breach of the covenants of the deal.
Caza said Apollo has executed a Forbearance and Reservation of Rights Agreement under which it has restrained from executing its rights under its lending agreement with Caza, after the AIM-listed oil and gas company failed to meet the covenants on the agreement ahead of previous deadlines.
The agreement had previously been extended to November 30 but has now been pushed on to December 31.
Caza shares were down 47% early Tuesday to 0.200 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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