17th Dec 2015 19:09
LONDON (Alliance News) - Caza Oil & Gas Inc on Thursday said board members and management have entered conditional agreements to exchange all of their exchangeable shares of the company's majority-owned Caza Petroleum Inc subsidiary for 26.5 million shares in the company.
In addition, they will buy a total of 176.9 million shares from Talara Opportunities V LP at about USD0.0048 per share.
Completion of the arrangements remain subject to satisfaction or waiver of the conditions pertaining to Talara's equity investment of USD45.5 million, including the approval of the Toronto Stock Exchange.
Michael Ford, who has been Caza Petroleum?s Chief Executive Officer, President and Director since 2006, will have 69.8 million shares, up from 575,968.
James Markgraf, who has served as Vice President, Finance and Chief Financial Officer for Caza Petroleum since 2006, will have 11.6 million from 344,019.
Anthony Sam, who has served as Vice President, Operations since August 2006, will have 69.7 million shares from 437,543.
Randy Nickerson, who is Vice President Exploration of Caza Petroleum, will have 31.7 million from 469,833.
Shares in Caza closed down 13% at 0.186 pence on Thursday in London.
By Samuel Agini; [email protected]; @samuelagini
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