Strata-X Appoints Australian Corporate Secretary, Completes Conversion of Outstanding Convertible Notes
GOLDEN, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA . March 14, 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 the appointment of Duncan Cornish as Corporate Secretary (Australia).
Mr. Cornish is an accomplished and highly regarded corporate administrator and manager. He has many years experience in pivotal management roles in capital raisings and stock exchange listings for numerous companies on the ASX, AIM Market of the London Stock Exchange and the Toronto Stock Exchange. Highly skilled in the areas of company financial reporting, company regulatory, secretarial and governance areas, business acquisition and disposal due diligence, he has worked with Ernst & Young and PricewaterhouseCoopers both in Australia and the UK.
Mr. Cornish is currently Company Secretary and CFO of other listed companies on the ASX and TSX-V where he has assisted in their listing and capital raising. He is supported by a small experienced team of accountants and administrators.
The Company also advises that in connection with the completion of its initial public offering in Australia (see press release dated March 7, 2013), Strata-X converted then outstanding Convertible Debentures into Units at a price of $0.25 per Unit. Each Unit comprises one common share and ½ of a common share purchase warrant exercisable at a price of $0.50 per share until October 29, 2016. An aggregate of $4,181,000 in Convertible Debentures was converted into 16,724,000 Units. Additionally, the Company will settle outstanding interest of $60,708 due on the Debentures, representing an annual rate of 5% payable semi-annually in arrears, into 132,848 units (each an “Interest Unit”) and 29,041 shares (in respect of Debentures held by insiders) at a deemed price of $0.375 per Interest Unit or share, as applicable. Each Interest Unit comprises one common share and ½ of a common share purchase warrant exercisable at a price of $0.375 per share until October 29, 2016.
Strata-X is a Denver, 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, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 123,236,013 common shares outstanding and trades under the symbol “SXE” on the TSX.V and “SXA” on the ASX.
For Further information contact:
|Tim Hoops||or||Colin Christensen||or||Duncan Cornish|
|President||Investor Relations||Corporate Secretary|
|+1 720-515-8793||+1 403-483-8363||+61 7 3212-6299|