Strata-X ASX Listing Advances - Company Updates
GOLDEN, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA . March 8, 2013 (Pacific Daylight Time-Canada)-
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX.V:SXE) (ASX:SXA) are pleased to announce that further to the Company’s press releases dated February 12, 2013 and March 7, 2013 that it has been informed by the Australian Securities Exchange (“ASX”) that Strata-X will be formally listed on the ASX and begin trading on the week of March 11, 2013.
Additionally, further to the Company’s press releases dated November 27th, 2012 and December 4th, 2012, the loan from Prepet Pty Ltd ATF the Jarat Trust (“Prepet”) has been repaid. As discussed further in the Company’s 2013 Prospectus lodged with the Australian Securities and Investment Commission ("ASIC") for the Company’s Australian Initial Public Offering (“IPO”) on the ASX, the loan was repaid using funds received from the IPO.
In total, AUD$2,029,308.95 was repaid to Prepet comprising of a principal repayment of AUD$2,000,000 and AUD$29,308.95 in interest. Through an arrangement made between the Company and Prepet during the IPO, AUD$350,000 in application money owing from Prepet was initially set off against the balance of the outstanding amount owing under the loan agreement. Upon being notified by the ASX that Prepet’s application money needed to be received by the Company in cleared funds, the Company reversed the offset arrangement and the AUD$350,000 was paid by Prepet to the Company and subsequently repaid to Prepet in satisfaction of the outstanding balance owing under the loan agreement.
Strata-X is a Golden, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Colorado, Illinois and Western Australia and production and development opportunities in California. Strata-X has 80,932,720 common shares outstanding and trades under the symbol “SXE” on the TSX.V and “SXA” on the ASX.
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Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com)