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Caza Oil & Gas receives all of initial US$4mln loan

Last updated: 06:28 16 Mar 2015 GMT, First published: 07:28 16 Mar 2015 GMT

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Caza Oil & Gas (LON:CAZA, TSE:CAZ) told investors it has now received all of the initial US$4mln available under the US$5mln convertible loan from Yorkville Capital.

It will, accordingly, now issue Yorkville 4.7mln shares to satisfy fees.

The new loan arrangement was agreed in February. It is a two year loan and it carries interest at 8% per year, and interest can be paid in shares.

Last month, Caza said the Yorkville facility represents the most cost effective and accessible form of financing in the current oil price environment.

It gives the company the flexibility to manage capital expenditures and other costs during the current period of low oil prices, Caza said at the time.

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