CALGARY, ALBERTA--(Marketwire - Dec. 11, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that it has closed its previously announced non-brokered private placement (the "Private Placement"). Pursuant to the Private Placement, Azabache sold an aggregate of 10,000,000 common shares of the Company (the "Common Shares") at a price of $0.20 per Common Share for aggregate gross proceeds of $2,000,000. The Common Shares issued pursuant to the Private Placement will be subject to a four month hold period expiring on April 12, 2013.
The Company intends to use the proceeds from the Private Placement for drilling and exploration activities and other costs associated with the Company's Colombian operations.
For further information on Azabache please visit the Company's website at www.azaenergy.com.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the expected use of proceeds of the Private Placement. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Azabache, including with respect to the expected capital requirements for the Company's Colombian operations. Although Azabache believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azabache can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Azabache undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.