Nov 2 (Reuters) - Azabache Energy Inc AZA.V :
* Announces the proposed conversion of all debt to common shares, proposed new
share issue, proposed share consolidation plan and late filing of audited
financial statements
* Says conversion will include the previously announced conversion of debt due
to rio bravo enterprises inc
* After debt conversion is completed rbe to become new control person of co and
hold approximately 26.7% of outstanding shares of co
* After debt conversion is completed, existing shareholders will own about 25%
of the outstanding common shares of the co
* Also proposing to complete non-brokered private placement to raise between $3
and 4 million to fund operations in Argentina
* Azabache energy aza.v -co is proceeding with the completion of annual
financial statements, which it expects to file before end of November, 2015
* Source text for Eikon urn:newsml:reuters.com:*:nCCN1MwL7b
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