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Azarga Enters Into Agreements to Issue Shares at Significant Premium to Settle Interest on Loan
Azarga Uranium (TSX:AZZ) has entered into shares for debt settlement agreements totaling US$532,800 to settle interest on its US$1.8 million convertible loan agreement with certain shareholders. As quoted in the press release: The price of the share issuance will be calculated using the five-day volume weighted average price of the Company’s common shares (the “Shares”) …
Azarga Uranium (TSX:AZZ) has entered into shares for debt settlement agreements totaling US$532,800 to settle interest on its US$1.8 million convertible loan agreement with certain shareholders.
As quoted in the press release:
The price of the share issuance will be calculated using the five-day volume weighted average price of the Company’s common shares (the “Shares”) for the five-day period immediately preceding the share issuance, subject to a floor of C$0.60 per Share. Assuming the Shares are issued at the floor price of C$0.60 per Share, the price of the share issuance represents a 67% premium to Azarga’s May 18, 2016 closing share price.
Blake Steel, president, said:
The continued support from the Company’s shareholders reaffirms the Company’s strategy of conserving financial resources while focusing on advancing the Dewey Burdock Project.” He further noted that, “The Company continues to work with the United States Environmental Protection Agency and Nuclear Regulatory Commission to advance the permitting process at Dewey Burdock.
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