Strata-X Energy Ltd. Arranges Private Placement
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - October 29, 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 Helmsec Global Capital Limited and BBY Ltd (together the “Joint Lead Managers” or “JLMs”) are leading a private placement to sophisticated and institutional investors of up to 15.9 million Chess Depository Interests (“CDIs”) in the Company at a price of AUD$0.38 per CDI (the “Issue Price”) for gross proceeds of up to AUD$6,042,000 (Placement). Each CDI will represent one common share of Strata-X and will rank equally with existing CDIs.
The Placement is being completed in accordance with the Company’s placement capacity as approved by shareholders of the Company at the Annual General Meeting held on October 22, 2013. The proceeds from this Placement will be used to fund exploration activities and provide general working capital.
All CDIs issued pursuant to the Placement are to be fully tradable and listed on the Australian Securities Exchange (“ASX”) and Toronto Venture Exchange (“TSX-V”) subject to the necessary approvals by the respective TSX-V and ASX. Strata-X will, subject to regulatory approval, pay a commission in respect of the Placement to the JLMs (being arm’s length parties on the Placement).
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 123,912,453 common shares outstanding and trades under the symbol “SXE” on the TSX-V and “SXA” on the ASX.
For further information contact:
|Tim Hoops (USA)||or||Colin Christensen (Canada)||or||Duncan Cornish (Australia)|
|President||Investor Relations||Corporate Secretary|
|+1 855-463-2400||+1 403-483-8363||+61 7 3212-6299|
This announcement was made in Canada for the TSX.V and in Australia for the ASX.